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Late yesterday, #SBA released the #PPP Loan Forgiveness Application standard form. The new #forgiveness application provides borrowers, and lenders, with much anticipated information regarding PPP loan forgiveness, but presents new challenges for businesses.
In seeking PPP loan forgiveness, borrowers likely have to #recertify their #size, #affiliations, and #creditworthiness and must prepare for extensive SBA review of these certifications in processing the forgiveness applications.
For more discussion on the #PPP Loan #Forgiveness Application, check out the article below.
kaneesq.com/insights/new-p…
kaneesq.com/insights/new-p…
On 5/13, #SBA provided some relief for #smallbiz concerned with possible SBA audits, particularly related to “economic need” certifications and the “good faith” safe harbor. But, #PPP loan recipients did not receive a full reprieve from all challenges. kaneesq.com/insights/ppp-l…
Despite the grace for “economic need” certifications, #SBA audits and post-hoc reviews still present significant risks for borrowers and even lenders, regardless of the #PPP loan amount.
Borrowers of less than $2 million should still prepare for potential #SBA audits and post-hoc reviews, particularly if they apply for #PPP loan #forgiveness. These reviews will likely require borrowers to substaniate size, #affiliations, #NAICS code, and even #creditworthiness.
