Hard to believe, but there is still about $130 billion left in the PPP program. Updated guidance by the SBA/Treasury removes much of the uncertainty and makes the program a definite win for small businesses. The recently revised guidance makes it clear that:

1. Good faith certification of need is PRESUMED for loans less than 2 million dollars. BEFORE: Previously substantial uncertainty about the good faith certification caused many otherwise deserving businesses not to apply or to return funds already received for fear of some nameless official deeming their certification not to be in good faith. NOW: As long as the loan amount is less than 2 million, this is no longer an issue.

2. A longer period of time to use the funds. BEFORE: The initial program rules required businesses to use the funds within 8 weeks of receipt. Any funds unused after 8 weeks would not be eligible for forgiveness. NOW: Businesses have up to 24 weeks within which to use the funds and still be eligible for forgiveness.

3. Lower threshold for payroll expenses. BEFORE: Businesses had to use at least 75% for payroll expenses. NOW: Businesses need only use 60% for payroll expenses to be eligible for forgiveness.