PPP Loans Over $2 Million Will Be Audited

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Following reports of publicly traded companies receiving multi-million dollar Paycheck Protection Program (PPP) loans - a program which was intended to provide relief for small businesses - the federal government announced that all PPP loans above $2 million will be audited. Treasury Secretary Steven Mnuchin warned of criminal liability for companies who made false certifications for loans.

The Treasury Department last week said the PPP was not intended to help public companies "with substantial market value and access to capital markets" and gave such companies until May 7 to return their money.

The PPP's original $350 billion in funding was exhausted by April 16. An additional $310 billion in funding was authorized by Congress and the program restarted on April 27. The PPP allows companies to have their loans forgiven if the money is spent on payroll and benefits.

For more information on the Paycheck Protection Program and other federal and state relief resources, please contact Gray, Gray & Gray at (781) 407-0300.

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