The US Department of the Treasury and the Small Business Administration (SBA) this week also issued new guidance on the question of who is actually eligible to receive a Paycheck Protection Program loan (PPP). This information is critical! Franchisee law firm Dady & Gardner, P.A. advises that when businesses applied for a PPP loan, they certified that “Current economic uncertainty makes this loan requires necessary to support the ongoing operations of the applicant.” For most, that may continue to be true, but for others, who now have a better understanding of the impact of COVID-19 on their business, and/or have always had “adequate sources of liquidity to support their business, they may not now be qualified. The specific issue is addressed by Question 31 of the updated FAQ and for those who determine that they should not have gotten the PPP money, or that no longer need it, the SBA is allowing a small window for you to return the money without penalty or recourse against you. The deadline was originally set as yesterday May 7, but it has now been extended to next Thursday, May 14, 2020. More guidance is expected from the SBA before May 14, but if you have any questions or concerns about these provisions or your eligibility under this standard, you are strongly advised to contact your accountant or legal counsel.