URGENT Update regarding PPP Loans: “Safe Harbor” expires May 14, 2020

By ADVOS Legal – a 2019 GrowFL Florida Companies to Watch Honoree

Although the initial legislation regarding PPP Loans indicated that all businesses were presumed to be adversely impacted by COVID-19 and therefore eligible for the funds, the SBA has now indicated that more stringent criteria will apply for all borrowers, and that it will review all loans of $2m or more (and others as appropriate).

SAFE HARBOR ENDS MAY 14: Borrowers that determine they do not meet the more stringent criteria and return PPP Loan funds by May 14, 2020 will be considered to have applied in good faith, and covered by a “safe harbor”

This loan is DIFFERENT from the SBA Disaster Loan available directly through the SBA.  You are NOT eligible for BOTH loans, but may take whichever loan gets approved first.  At this point, it is still hard to determine which loan will be approved first, however, at this time it makes sense to apply for both to ensure the viability of your business.


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Download resources
Borrower Paycheck Protection Program Example Application(REV 4-20)
PPP Borrower Information Fact Sheet

Apply for the Paycheck Protection Program with BBIF – or email ppp@bbif.com with questions.

BBIF Florida is a nonprofit community development financial institution. We are a mission driven organization which helps Florida’s Black, minority and underserved small businesses thrive by providing loan capital alongside business development training.


Blake Williams, Business Relationship Officer
Suncoast Credit Union
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Russell Slappey, Founder/CEO and Managing Partner
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