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

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We’ll look at what services 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 receives more than$2 million as a loan will be audited. All loans over $2 million will be fully investigated, while spot checks will be performed on smaller loans. PPP loan tax audits will be performed when companies seek loan forgiveness. The word “audit” can strike fear in even the most orderly service owner, but there’s no factor to fear the PPP audit.

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