Today Is Officially the Deadline for Companies to Return Their SBA PPP Loans Businesses that received big bucks from the government stimulus fund are on the clock. And that could mean more money available for everyone else.

By Kenny Herzog

entrepreneur daily
Getty Images/Enterline Design Services LLC

This is not a drill. If you received a loan from the Small Business Association's Paycheck Protection Program in excess of $2 million and wish to return it, lest risk an audit or investigation into whether you applied for and were granted funds in bad faith, today is the day. (See items 43-46 on the SBA's seemingly infinitely scrolling list of FAQs.)

As we've reported over the past couple of weeks, the safe-harbor window for companies who may have made themselves vulnerable to unwanted scrutiny from the U.S. Department of Treasury has continually widened. And in addition, a broad presumption of good faith was ultimately extended to recipients of loans under that $2 million threshold.

Still, publicly traded entities of all sizes, including those whose loans have ranged between $1 and $2 million, have continued to send their remittances back to the SBA. And while a number of those companies have stated that they acted within the SBA guidance as originally outlined, there will undeniably be more money available for privately owned companies struggling to keep their doors open in time for widespread lockdown restrictions to ease.

It is unclear exactly how quickly and expansively the sum total of returned funds will be redistributed to businesses waiting in the queue, but in the meanwhile, we recommend referring to our extensive, ongoing coverage of all things SBA PPP — and crisis management in the age of quarantine — at the following links.

Related: Recovery

Related: Stimulus

Related: Crisis Management

Related: News and Trends

Kenny Herzog

Entrepreneur Staff

Digital Content Director

Kenny Herzog is currently Digital Content Director at Entrepreneur Media. Previously, he has served as Editor in Chief or Managing Editor for several online and print publications, and contributed his byline to outlets including Rolling Stone, New York Magazine/Vulture, Esquire, The Ringer, Men's Health, TimeOut New York, A.V. Club, Men's Journal, Mic, Mel, Nylon and many more.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Devices

Grab a Wireless 4-in-1 Charging Hub for $39.97

No need to worry about a dead battery slowing your hard-earned progress.

Diversity

Prioritize DEI and Crush Your ROI Goals — How Inclusive and Authentic Marketing Drive Business Growth

There's one business hack that's winning, though it's often overlooked: Diversity, equity and inclusion is good for business — and just plain good.

Starting a Business

This Black Founder Was Denied a Business Loan and Set Out to Prove the 'Gatekeepers' Wrong. He's Made More Than $500,000 So Far — But It's Just the Beginning.

Rob Gooljar, founder of IRIS blossom, started an Instagram account to share his love of floral arrangements — then the requests started rolling in.

Business News

Woman Goes Viral After Recording Her Disastrous Call With HR After Being Let Go: 'They Tried to Gaslight You'

Brittany Pietsch posted a nine-minute-long clip of her firing from Cloudflare on TikTok, and it went viral. The company's CEO responded on X — and also went viral.

Science & Technology

AI May Not Take Your Job, But Someone Using AI Likely Will — Here's Why.

Artificial intelligence is becoming ubiquitous across marketing and public relations agencies. These tools can increase productivity, but there are risks to consider.

Living

How Learning to Take Care of Myself Helps Me Take Care of My Business

For entrepreneurs, particularly women, balancing the myriad responsibilities of business ownership can be all-consuming. You can't pour from an empty cup — here's how I started putting myself first and how it made my business more successful, too.