Purpose of the Forms : In the initial PPP loan application, borrowers were required to make several representations and certifications
The second coronavirus recovery package addressed shortfalls in revenue and project cancellations brought on by the pandemic, providing relief for the industry and funding for previously scheduled public works projects and infrastructure improvements
Small Business Administration Paycheck Protection Program (PPP). The PPP money was meant to provide liquidity for businesses to stay afloat during the economic downturn caused by the pandemic
Hernández, a Senior Director who recently joined our team in London, about the latest trends in construction project management. What are the biggest project management risks faced by construction and engineering professionals today?
The SBA may review any borrower’s PPP loan at any time. Nevertheless, the Treasury and SBA have created a “safe harbor” for borrowers that received less than $2 million in PPP funds. These borrowers are deemed to have requested their PPP loan with the good faith belief at the time of borrowing that the funds were necessary to support ongoing operations
Accordingly, companies should be thoughtful about the tone of their response to the PPP necessity questionnaires and any public statements that relate to their PPP loan
Get Ready for Your Paycheck Protection Program (PPP) Audit PPP needs no introduction
Second, the Act permits some businesses that have already obtained a PPP loan to obtain a second PPP loan, called a "PPP second draw." Third, the Act changes PPP rules—for existing PPP loans, new PPP loans, and PPP second draws—in the areas of eligibility, allowable expenses, forgiveness, and more. Whether you already have an existing PPP loan, are interested in obtaining a PPP loan, or want to obtain a PPP second draw, the Act makes changes to PPP rules that may be relevant to you
By Scott Jaunich of Downs Rachlin Martin PLLC Published August 24, 2020 PPP Enforcement: It’s Not Funny[ 1 ] While many who have accepted PPP loans now consider the forgiveness aspects and process, be mindful of federal enforcement. To date, the Justice Department has filed 36 PPP fraud cases, charging about 51 defendants
Perhaps more troubling is that the Government Accountability Office (GAO), the investigative arm of Congress tasked with auditing the PPP loan program, has not rejected the idea that government contractors are ineligible for PPP loans