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Audits U.S. Treasury Small Business Administration

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

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In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

Morrison & Foerster LLP

PPP Loans: Overview of Prior Guidance

The Paycheck Protection Program (“PPP”) began with rushed legislation and a race for financial support in the middle of a pandemic. This race was hardly a straight line as the Small Business Administration (“SBA”) and the...more

Harris Beach PLLC

PPP Loan Forgiveness Applications and Increase in Federal Investigations Pose Risks for Small Businesses

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A significant part of the March 2020 CARES Act, the federal government’s Paycheck Protection Program (PPP) provided a lifeline for hundreds of thousands of small businesses across the nation, helping struggling owners pay...more

Fox Rothschild LLP

SBA Announces New Paycheck Protection Program Loan Necessity Questionnaire

Fox Rothschild LLP on

On October 26, the Small Business Administration (SBA) published a notice in the Federal Register seeking approval from the Office of Management and Budget to release two new forms to be sent to borrowers under the Paycheck...more

King & Spalding

Insurers Now Offering PPP Loan Insurance

King & Spalding on

As additional and conflicting guidance on Paycheck Protection Program (PPP) loans is released by the Small Business Administration (SBA), uncertainty about eligibility and loan forgiveness has persisted. In connection with...more

Burr & Forman

SBA Releases List of PPP Borrowers – Which Businesses Are Now Audit Targets?

Burr & Forman on

The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or more. This list includes the name of the borrowers, the general loan range of the PPP...more

Fisher Phillips

Businesses That Obtained PPP Loans Under $2M Will Not Be Audited (UPDATED)

Fisher Phillips on

One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more

UB Greensfelder LLP

The CARES Act Update – Safe Harbor Materially Revised

UB Greensfelder LLP on

UPDATED May 14, 2020 – On May 13, 2020, the U.S. Treasury Department announced an additional automatic extension of the Safe Harbor deadline from May 14, 2020 to May 18, 2020. May 13, 2020 – The rules and ground shifted...more

Moritt Hock & Hamroff LLP

SBA To Audit PPP Loans Over $2M

PPP borrowers of More Than $2M may be required to demonstrate that need existed. Borrowers can return funds by May 14th to avoid scrutiny. The CARES Act requires that a PPP loan applicant certify, in good faith, that “the...more

ArentFox Schiff

Are You Prepared? Audits & Investigations Under the Paycheck Protection Program

ArentFox Schiff on

Congress created the Paycheck Protection Program (PPP), part of the CARES Act and administered by the Small Business Administration (SBA) and Treasury Department, to provide relief to small businesses in dire need of...more

Tarter Krinsky & Drogin LLP

U.S. Department Of Treasury Issues Guidance On PPP Loan Audits

On April 29, 2020, the U.S. Department of Treasury (Treasury) issued an updated FAQ (the Updated Guidance). Notably, Q39 confirms Treasury Secretary Steven Mnuchin’s public statement that the SBA will audit all Paycheck...more

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