November 2020
The Paycheck Protection Program (PPP), a critical government relief program created by the Coronavirus Aid, Relief and Economic Security (CARES) Act, enabled many businesses to continue operations and keep their workers employed. Borrowers who received PPP loans greater than $2 million are under scrutiny to justify their economic need for this government aid. As part of the forgiveness process, the SBA announced it would audit all loans greater than $2 million and it is creating a questionnaire that banks will be required to distribute to PPP borrowers with loans greater than $2 million, to justify the need for the loans.
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