PPP Loans: Forgiven, but not forgotten
If your company participated in the Paycheck Protection Program and had your loan forgiven, don’t discard that paperwork just yet! According to a recent article in the Pittsburgh Business Times, the Small Business Administration, IRS, and Treasury Department are now over-analyzing disbursed COVID relief funds.
For organizations who had never received federal funding in the past, there are additional compliance issues that companies may need to address. The PPP forgiveness forms noted that businesses should retain all documents for six years with an option that the SBA’s inspector general may request access.
The article goes on to stress that the main pieces to retain are related to certification and attestation requirements within the application. Additionally, any paperwork that highlighted worries about layoffs would be applicable.
There is also a pending lawsuit called the False Claims Act related to PPP analysis and companies who should not have received loans. Last year the SBA was given an extended statute of limitations to address fraud from COVID funding programs.
If your company is still facing business hardships, contact your local SEWN Director for a no-obligation consultation!