Yesterday (May 5, 2020), Ed Zollars published an article on the Current Federal Tax Development blog that there are just two days before the May 7 due date to return PPP loan funds to gain the presumption that the borrower had made a good faith representation that the loan was necessary. The SBA has granted a one-week extension on that deadline in an update to the Payroll Protection Program loan FAQ. Read this article here.
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