​PPP Lender Portal Now Open, Audits a Possibility for All Loans

​PPP Lender Portal Now Open, Audits a Possibility for All Loans

08/24/2020 Tags: Announcements, In the News, COVID-19, PPP

Banks and lenders started accepting Paycheck Protection Program loan forgiveness applications on Aug. 10. And now, the Small Business Administration has opened the portal for lenders to submit those applications.

According to the SBA website, “the loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities.” Businesses had to use at least 60% of the loan for payroll.

Some businesses might be under the assumption that if their loan was less than $2 million, then they’re exempt from an audit. However, according to SBA guidance, the administration “will review all loans in excess of $2 million, in addition to other loans as appropriate,” and these reviews can happen “at any time.”

If you need assistance with your PPP loan forgiveness, we offer a solution to help you navigate all of the requirements.

And please reach out to us if you have any other questions about any other business or finance questions.

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

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