PAYCHECK PROTECTION LOAN: Is Your “Good Faith Certification” Good Enough?—If Not, Will They Consider it as Fraud?
March 27, 2020 the President signed the CARES Act into law. This law provided stimulus money for small businesses, including Churches and non-profits. The purpose was to lessen the pain and agony that many employees would encounter due to loss of income by their employers.
As with any Government program, rules change as the game is played. The initial ruling was that all applicants would be Presumed to be an impacted and the borrower is presumed to have been adversely impacted by COVID–19. The initial bill further stated: During the covered period: The Administrator shall “Consider each eligible recipient that applies for a covered loan to be an impacted borrower.”