PPP Loans & Tax Audits: What Your Business Needs To Know

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We’ll look at what businesses will be examined, what these audits will look like, and respond to some FAQs about the PPP audits. On April 28, Treasury Secretary Steven Mnuchin announced that any service that gets more than$2 million as a loan will be audited. All loans over $2 million will be fully examined, while spot checks will be carried out on smaller sized loans. PPP loan tax audits will be performed when businesses seek loan forgiveness. The word “audit” can strike worry in even the most organized service owner, but there’s no factor to fear the PPP audit.

We’ll look at what businesses will be audited, what these audits will look like, and answer some FAQs about the PPP audits. PPP loan tax audits will be performed when companies look for loan forgiveness. The word “audit” can strike fear in even the most organized business owner, but there’s no factor to fear the PPP audit.

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