PPP loaned $523 billion to help save small businesses. Today much of the news re: PPP concerns fraud allegations, involving doctored payroll, fake tax returns, fraudulent bank statements, etc.

A NY Post headline read: "CA man convicted of fraud, charged with trying to steal $22M from PPP loans." One estimate determined that $1 billion went to borrowers with recent felony convictions (a violation of the PPP rules).

With the negative headlines, it is no surprise that the Small Business Administration intends to audit all loans over $2 million. 

Expect increased scrutiny by the SBA on both borrowers and lenders that participated in PPP. Lenders likely won't be off the hook even though the SBA allowed for lower borrowing requirements.

Please reach out to discuss how we can assist you and your clients with the audit process.