PPP Loan Forgiveness
Businesses are now eligible to apply for forgiveness of loans received through the federal Paycheck Protection Program (PPP) established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. PPP loan recipients should be thoughtful in responding to information requested by lenders and the Small Business Administration (SBA).
As borrowers prepare, certify, and submit hundreds of thousands of PPP loan forgiveness applications, PPP loan recipients need to be aware of and assess various risks they face in this process. The U.S. Department of Justice and U.S. Small Business Administration are reviewing and investigating all violations of the PPP. In particular, the SBA plans to review all loans of more than $2 million.
McGlinchey is well situated to advise PPP borrowers on potential pitfalls in the loan forgiveness application process and provide recommendations for avoiding potentially serious legal jeopardy in the face of investigators’ and prosecutors’ scrutiny. Contact our team to get started.