Fines and Jail Time for Unneeded PPP Loans

In the wake of several large and public companies getting PPP loans, the SBA is talking tough about audits of the “necessary” certification in the PPP application. The documentation necessary for loan forgiveness is also getting a large amount of press among CPAs and other professionals. If you applied for a PPP at the direction of a banker or other professional, and you had cash assets or lines of credit available, you might want to read the article below and have another conversation.

https://www.forbes.com/sites/alangassman/2020/05/04/was-your-ppp-loan-necessaryif-not-there-could-be-horrific-repercussions/#255041a150e1