SBA updates guidance regarding PPP repayment deferral extension

The Small Business Administration (SBA) has updated its policy notifications concerning the Paycheck Protection Program (PPP) to reflect the announced extension of the repayment deferral period from six months to 10 months.

The new guidelines instruct lenders to immediately extend the deferral period to borrowers and to notify borrowers of the extension. 

The SBA encourages borrowers to contact their lenders to confirm that all measures are being taken concerning their PPP loans. Further information is available at the SBA’s PPP website under “PPP FAQs.”