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Email On this May the Fourth (Be With You), many Paycheck Protection Program (“PPP”) borrowers may be grappling with a difficult question: At the time of loan application, was the company the type of borrower the Small Business Administration (“SBA”) was looking for? Specifically, given that the Treasury Department’s prior guidance on the standards for obtaining a PPP loan were at best vague and at worst inconsistent with current guidance, was the borrower’s certification that the PPP loan was “necessary” made in good faith? https://www.cadwalader.com/resources/clients-friends-memos/covid-19-update-these-are-not-the-droids-youre-looking-for-the-wrong-type-of-ppp-borrowers-may-need-to-repay-their-loans-or-prepare-for-an-audit