--- title: Economic Uncertainty Safe Harbor Announced For PPP Loans Under $2 Million description: Bellevue CPA sharing news that a safe harbor has been announced for PPP loans in the wake of COVID-19 (coronavirus) image: https://blog.sweeneyconrad.com/hubfs/Business%20Owner%202.png --- [![Sweeney Conrad](https://blog.sweeneyconrad.com/hs-fs/hubfs/raw_assets/public/SweeneyConrad_August2022/images/Sweeney-Conrad-logo.jpg?width=542&height=48&name=Sweeney-Conrad-logo.jpg "Sweeney Conrad")](https://www.sweeneyconrad.com/preview/) ![navigation menu](https://blog.sweeneyconrad.com/hubfs/raw_assets/public/SweeneyConrad_August2022/images/hamburger-bars.png) - [What We Do](https://www.sweeneyconrad.com/what-we-do) - [Tax Services](https://www.sweeneyconrad.com/what-we-do/tax-services) - [Client Accounting Services](https://www.sweeneyconrad.com/what-we-do/client-accounting-services) - [Advisory Services](https://www.sweeneyconrad.com/what-we-do/advisory-services) - [How We Do It](https://www.sweeneyconrad.com/how-we-do-it) - 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This decision comes on the heels of extensive discussion regarding how businesses that received PPP loans could verify that, due to economic uncertainty, they needed the funds to support their ongoing operations. Initially, when the Treasury published FAQ #31, the concern was that borrowers had to “take into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business.” As was stated before, the Treasury’s intent is to still review all loans of $2 million or more. The FAQ states that based on individual circumstances, the Treasury still may have an adequate basis for making the required good-faith certification. After review, if the SBA determines the borrower lacked an adequate basis for required certification regarding economic uncertainty, the borrower will be required to repay the loan. ### RECENT POSTS ### POSTS BY TAG - [Tax (121)](https://blog.sweeneyconrad.com/tag/tax) - [Audit & Assurance (73)](https://blog.sweeneyconrad.com/tag/audit-and-assurance) - [Estate Planning (60)](https://blog.sweeneyconrad.com/tag/estate-planning) - [News (29)](https://blog.sweeneyconrad.com/tag/news) - [COVID-19 (26)](https://blog.sweeneyconrad.com/tag/covid-19) - [Sweeney Conrad News (20)](https://blog.sweeneyconrad.com/tag/sweeney-conrad-news) - [Retirement Reporter (17)](https://blog.sweeneyconrad.com/tag/retirement-reporter) - [Sweeney Conrad Passion (16)](https://blog.sweeneyconrad.com/tag/sweeney-conrad-passion) - [Sweeney Conrad People (15)](https://blog.sweeneyconrad.com/tag/people) - [Employee Benefit Plans (14)](https://blog.sweeneyconrad.com/tag/employee-benefit-plans) - [State and Local Tax (11)](https://blog.sweeneyconrad.com/tag/state-and-local-tax) - [Sweeney Conrad Community (10)](https://blog.sweeneyconrad.com/tag/sweeney-conrad-community) - [Advisory (5)](https://blog.sweeneyconrad.com/tag/advisory) - [High Net Worth (5)](https://blog.sweeneyconrad.com/tag/high-net-worth) - [Nonprofit Organizations & Private Foundations (5)](https://blog.sweeneyconrad.com/tag/nonprofit-organizations-private-foundations) - [Business (4)](https://blog.sweeneyconrad.com/tag/business) - [Sweeney Conrad People (4)](https://blog.sweeneyconrad.com/tag/sweeney-conrad-people) - [CAAS (3)](https://blog.sweeneyconrad.com/tag/caas) - [Insider (2)](https://blog.sweeneyconrad.com/tag/insider) - [Real Estate & Construction (2)](https://blog.sweeneyconrad.com/tag/real-estate-construction) - [Recruiting (2)](https://blog.sweeneyconrad.com/tag/recruiting) - [Loca (1)](https://blog.sweeneyconrad.com/tag/loca) - [Locally Owned (1)](https://blog.sweeneyconrad.com/tag/locally-owned) - [Scams (1)](https://blog.sweeneyconrad.com/tag/scams) - [Test (1)](https://blog.sweeneyconrad.com/tag/test) See all ## Contact Us Feel free to [email](mailto:information@sweeneyconrad.com) us or call [425.629.1990](tel:425-629-1990) [Get in touch](https://www.sweeneyconrad.com/preview/get-in-touch/contact-us/) - [What We Do](https://www.sweeneyconrad.com/what-we-do) - [Tax Services](https://www.sweeneyconrad.com/what-we-do/tax-services) - [Client Accounting Services](https://www.sweeneyconrad.com/what-we-do/client-accounting-services) - [Advisory Services](https://www.sweeneyconrad.com/what-we-do/advisory-services) - [How We Do It](https://www.sweeneyconrad.com/how-we-do-it) - [Our Process](https://www.sweeneyconrad.com/how-we-do-it/our-process) - [Industries we serve](https://www.sweeneyconrad.com/how-we-do-it/industries) - [Culture & Community](https://www.sweeneyconrad.com/how-we-do-it/culture-community) - [Giving Back](https://www.sweeneyconrad.com/how-we-do-it/giving-back) - [Partnership Network](https://www.sweeneyconrad.com/how-we-do-it/partnership) - [Who We Are](https://www.sweeneyconrad.com/who-we-are) - [Our People](https://www.sweeneyconrad.com/who-we-are/our-team) - [Mission & Values](https://www.sweeneyconrad.com/who-we-are/mission-values) - [Our Passion](https://www.sweeneyconrad.com/who-we-are/our-passion) - [40+ Year History](https://www.sweeneyconrad.com/who-we-are/history) - [Careers at SC](https://www.sweeneyconrad.com/careers) - [Benefits & Perks](https://www.sweeneyconrad.com/careers/benefits-perks) - [Experienced Professionals](https://www.sweeneyconrad.com/careers/experienced-professionals) - [SC Young Professionals](https://www.sweeneyconrad.com/careers/sc-young-professionals) - [SC Summer Summit](https://www.sweeneyconrad.com/careers/summer-summit) - [Job Opportunities](https://www.sweeneyconrad.com/careers/job-opportunities) - [Get in Touch](https://www.sweeneyconrad.com/get-in-touch) - [Contact Us](https://www.sweeneyconrad.com/get-in-touch/contact-us/) - [Pay Online](https://www.quickfee.com/qsop?company=quickfeeus&creditor=SWEENEY) - [Client Login](https://sweeneyconrad.sharefile.com/) - [Our Insights](https://blog.sweeneyconrad.com/) - [Newsletter](https://share.hsforms.com/189SwWa83QWmQ98wj4A6liQ2bure) ![Sweeney Conrad](https://blog.sweeneyconrad.com/hs-fs/hubfs/raw_assets/public/SweeneyConrad_August2022/images/logo.png?width=358&name=logo.png "Sweeney Conrad") 10210 NE Points Dr. Suite 300 Kirkland WA 98033 [425.629.1990](tel:425-629-1990) [information@sweeneyconrad.com](mailto:information@sweeneyconrad.com) Proud to be a Member [![Allinial Global](https://blog.sweeneyconrad.com/hs-fs/hubfs/raw_assets/public/SweeneyConrad_August2022/images/MemberOfAllinial-Logo_CMYK-globe.png?width=75&height=48&name=MemberOfAllinial-Logo_CMYK-globe.png "Allinial Global")](https://www.allinialglobal.com) Sweeney Conrad is the brand name under which Sweeney Conrad CPA LLP and Sweeney Conrad Advisors LLC provide professional services. 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