One week.

This is the amount of time that Paycheck Protection Program (PPP) loan recipients have to repay their loan if they cannot meet updated US Treasury Department rules.

On April 23, the Treasury provided the latest guidance for the Small Business Administration (SBA) PPP initiative designed to support small and medium-sized enterprises (SMEs) amid the COVID-19 pandemic. His revised regulations, detailed on its Frequently Asked Questions page, urges companies with access to other financing to reconsider if they really need the money. They have until May 14 to repay the loan money without asking any questions.

Last week, Treasury Secretary Steven Mnuchin said that not only will PPP loans over $ 2 million be audited, but every company that borrows money through the program can expect to be audited before the loans are canceled.

Christopher Carlozzi, Massachusetts State Director of the National Federation of Independent Business (NFIB), a small business trading group, told PYMNTS the government continues to move the goal post.

The biggest concern of its members is complying with loan cancellation rules, he said. Treasury regulations state that loans will be forfeited as long as most of the proceeds are used to cover wage costs, mortgage interest, rent, and utility costs during the eight week period after the loan is granted. and maintaining pay and employee levels.

“The main concern is whether my members can meet the 75% payroll loan utilization threshold,” Carlozzi said. “It’s problematic and it’s a big sum. Most SMEs say that around 15-20% of the costs are related to the payroll.

The other problem that has arisen is that many businesses remain closed under a state ordinance.

“How can they use the money within eight weeks if they haven’t even opened yet?” ” He asked.

And that’s not the only thing that keeps NFIB members from sleeping at night.

The CARES law provision provides for a federal unemployment benefit of $ 600 per week for four months in addition to what the state already provides.

“Many companies are struggling to bring back their laid-off workers because for at least 16 weeks they can probably make more money by receiving benefits,” Carlozzi said.

The other factor at play, he said, is that most of the employees were laid off in March. If they don’t get unemployment insurance, they work elsewhere.

“Small businesses find it very difficult to bring back laid-off workers and attract new ones,” he said.