News & Analysis as of

Loan Forgiveness Audits Paycheck Protection Program (PPP)

Husch Blackwell LLP

PPP Loan Audits Could Affect Millions of Borrowers

Husch Blackwell LLP on

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

Venable LLP

Navigating PPP Loan Forgiveness Audits

Venable LLP on

The Small Business Administration (SBA) is auditing Paycheck Protection Program (PPP) loan forgiveness applications for both First Draw and Second Draw PPP loans, including for nonprofit organizations that received loans. As...more

PilieroMazza PLLC

PPP Loan Fall-Out: Expect More Audits and Investigations

PilieroMazza PLLC on

Unfortunately, the PPP Loan fall-out is far from over.  As we noted in the last blog on PPP issues, we are seeing a number of PPP Forgiveness denials for a number of different reasons, and, along with that, we are seeing the...more

Cozen O'Connor

In extremis — PPP Money Is Not “Free” So Applicants & Recipients Need to Beware

Cozen O'Connor on

As most of the population is aware, to try and preserve the economy and businesses viable during the COVID-19 pandemic, congress passed the CARES Act. That bill included the Payroll Protection Program (PPP), in which small...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

Bowditch & Dewey

Five Things to Know About PPP Loan Audits

Bowditch & Dewey on

The Paycheck Protection Program was one of the more innovative and written-about of the CARES Act’s fiscal stimulus packages. The U.S. Treasury and Small Business Administration (SBA) leveraged the private banking sector to...more

Vinson & Elkins LLP

A Second Wave Of COVID-19 Fraud Enforcement: An Emerging Risk For Businesses

Vinson & Elkins LLP on

On March 26, 2021, the Department of Justice (“DOJ”) issued a press release trumpeting the agency’s “historic level of enforcement action” in response to COVID-19 related fraud. Roughly one year after Congress passed the $2.2...more

McDermott Will & Emery

[Webinar] PPP - One Year Later - April 8th, 2:00 pm EST

It has now been one full year since the Small Business Administration launched its Paycheck Protection Program (PPP). As we take a look back and begin to prepare for the next steps that organizations must take now to insulate...more

Chambliss, Bahner & Stophel, P.C.

On the Horizon for 2021 — Paycheck Protection Program and Provider Relief Fund Reporting Requirements and Audits

If your radiology practice received payments from the U.S. Department of Health and Human Services (HHS) Provider Relief Fund (PRF) or a loan under the Paycheck Protection Program (PPP) in 2020, you are likely aware of the...more

Chambliss, Bahner & Stophel, P.C.

What You Need to Know About Latest Paycheck Protection Program Regulations and Second Draw Loans

As we have reported, the stimulus bill passed by Congress and signed by President Trump late last year enacted major changes to the popular Paycheck Protection Program (PPP). And this week, consistent with that law’s 10-day...more

Chambliss, Bahner & Stophel, P.C.

Key Guidance on SBA's Loan Necessity Questionnaire for Paycheck Protection Program Loans

The U.S. Small Business Administration (SBA) issued guidance on the recently issued “Loan Necessity Questionnaire” (SBA Form 3509/3510). Lenders must require Paycheck Protection Program (PPP) borrowers to complete the...more

Harris Beach PLLC

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

Harris Beach PLLC on

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

Benesch

The SBA Releases Two PPP Liquidity Questionnaires

Benesch on

As you may remember from a previous bulletin, the SBA has stated that it will audit all PPP borrowers, who together with a borrower’s “Affiliates” (as determined pursuant to SBA regulations), received PPP loans in excess of...more

Maynard Nexsen

PPP Loan Audits: What to Expect, and How to Appeal

Maynard Nexsen on

The Paycheck Protection Program (PPP), as established by the CARES Act and subsequent guidance found in the PPP Interim Final Rules, provides loans and loan forgiveness based on borrower's certifications and documentation...more

Pillsbury Winthrop Shaw Pittman LLP

COVID-19 Relief: Paycheck Protection Program and Issues in M&A Transactions

Potential merger partners of and investors in businesses that have received loans under the Paycheck Protection Program should be aware of particular risks and other diligence considerations. Any potential merger partner or...more

Williams Mullen

Williams Mullen's COVID-19 Comeback Plan: Preparing Today for Tomorrow's PPP Audit

Williams Mullen on

Part of the 2020 Business Solutions Series presented by by the Hampton Roads Alliance and Williams Mullen Charles E. “Chuck” James, Jr., co-chair of both the Firearms Industry Group and the White Collar & Investigations...more

Pillsbury Winthrop Shaw Pittman LLP

Paycheck Protection Forgiveness and Compliance—10 Frequently Asked Questions

Considerations for PPP borrowers as they apply for loan forgiveness - As the Paycheck Protection Program (PPP) enters its forgiveness phase—where many borrowers have exhausted or are about to exhaust their loans and will...more

McDermott Will & Emery

[Webinar] Navigating PPP Loan Forgiveness (Part 2) - August 20th, 3:00 pm - 4:00 pm EDT

McDermott Will & Emery on

Join McDermott and BDO on Thursday, August 20 to hear about the latest updates concerning the Paycheck Protection Program (PPP). Our multi-disciplinary panel will cover the most pressing issues as of August 2020, including: ...more

Williams Mullen

[Webinar] The 2020 Business Solutions Series: Preparing Today for Tomorrow's PPP Audit - August 13th, 11:00 am - 11:30 am ET

Williams Mullen on

Join us for a Zoom webinar to help you prepare for Paycheck Protection Program (PPP) audits. Topics include: - Background on the PPP and evolving guidance - Treasury oversight and audits - Role of the Special...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

Hinshaw & Culbertson LLP

Borrowers Beware: Audits of PPP Loans in Excess of $2 Million and Economic Uncertainty Certification

PPP Loan Forgiveness is Criticized, Guidance is Forthcoming - Audits of PPP Loans in Excess of $2 Million - On April 28, 2020, U.S. Secretary of Treasury Steven Mnuchin announced that all Paycheck Protection Program...more

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