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Posts tagged as “ppp”

PPP Loans in Excess of $2 Million – Audit Process Begins

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On the Paycheck Protection Program (PPP) loan application, many certifications were made by the borrower. An important one to highlight is “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” It is a somewhat simple statement that the SBA further indicated that borrowers are acting in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market…