News & Analysis as of September 19, 2024

Small Business Administration › Audits

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The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -

BOLO: Cannabis PPP Loan Audits

Husch Blackwell LLP on 7/24/2024

In April, I wrote about the Docklight case in Washington State. That case involved a qui tam action pursuant to the False Claims Act in which Docklight, a cannabis ancillary company, settled with the Department of Justice for...more

Engaging in Activities that Violate Federal Law? DOJ Scrutiny of PPP Loan Recipients Turns to Ancillary Companies Supporting the...

Benesch on 7/17/2024

Since its inception, the cannabis industry has always existed alongside significant regulatory and compliance challenges. These largely stem from the fact that the manufacture, distribution and possession of marijuana remains...more

PPP Loan Audits Could Affect Millions of Borrowers

Husch Blackwell LLP on 4/16/2024

In March 2020 during the height of the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law establishing, among other things, the Payment Protection Program (PPP) administered...more

The PPP Turns Four: Lessons Learned and What Lies Ahead

McDermott Will & Emery on 4/11/2024

Four years ago this month, lenders began dispersing Paycheck Protection Program (PPP) loans to small businesses in what would become the largest Small Business Administration (SBA) lending program in history. The SBA approved...more

Government Contracts Legal Round-Up - June 2023 Issue 11

Jenner & Block on 6/15/2023

Welcome to Jenner & Block’s Government Contracts Legal Round‑Up, a biweekly update on important government contracts developments. This update offers brief summaries of key developments for government contracts legal,...more

Navigating PPP Loan Forgiveness Audits

Venable LLP on 3/23/2022

The Small Business Administration (SBA) is auditing Paycheck Protection Program (PPP) loan forgiveness applications for both First Draw and Second Draw PPP loans, including for nonprofit organizations that received loans. As...more

PPP Loan Fall-Out: Expect More Audits and Investigations

PilieroMazza PLLC on 1/28/2022

Unfortunately, the PPP Loan fall-out is far from over. As we noted in the last blog on PPP issues, we are seeing a number of PPP Forgiveness denials for a number of different reasons, and, along with that, we are seeing the...more

In extremis — PPP Money Is Not “Free” So Applicants & Recipients Need to Beware

Cozen O'Connor on 12/8/2021

As most of the population is aware, to try and preserve the economy and businesses viable during the COVID-19 pandemic, congress passed the CARES Act. That bill included the Payroll Protection Program (PPP), in which small...more

PPP Loans: Overview of Prior Guidance

Morrison & Foerster LLP on 10/5/2021

The Paycheck Protection Program (“PPP”) began with rushed legislation and a race for financial support in the middle of a pandemic. This race was hardly a straight line as the Small Business Administration (“SBA”) and the...more

The Government's Use of Procedural Hurdles to Disallow Research Credit Refund Claims

Miller Canfield on 8/6/2021

In two recent cases, the IRS has tried to defeat research credit refund claims on procedural grounds, rather than simply litigating whether the substantive nature of the asserted research meets the requirements of section 41...more

Levels Of Accountability: What Federal Contractors Should Know About Small Business Subcontracting Plans And Compliance Reviews

Morrison & Foerster LLP - Government... on 4/23/2021

Every year, the U.S. federal government establishes goals for the awards of prime contracts and subcontracts to small business concerns. While agencies are responsible for achieving these goals by awarding prime contracts to...more

Five Things to Know About PPP Loan Audits

Bowditch & Dewey on 4/21/2021

The Paycheck Protection Program was one of the more innovative and written-about of the CARES Act’s fiscal stimulus packages. The U.S. Treasury and Small Business Administration (SBA) leveraged the private banking sector to...more

Paycheck Protection Program Audits Are Upon Us—Borrowers Prepare!

Blank Rome LLP on 4/20/2021

In our last post on this topic, we touched on how the acceptance, use, and forgiveness of Paycheck Protection Program (“PPP”) loans can be viewed in the context of a Defense Contract Audit Agency (“DCAA”) audit. This post...more

[Webinar] PPP - One Year Later - April 8th, 2:00 pm EST

McDermott Will & Emery on 4/1/2021

It has now been one full year since the Small Business Administration launched its Paycheck Protection Program (PPP). As we take a look back and begin to prepare for the next steps that organizations must take now to insulate...more

What You Need to Know About Latest Paycheck Protection Program Regulations and Second Draw Loans

Chambliss, Bahner & Stophel, P.C. on 1/11/2021

As we have reported, the stimulus bill passed by Congress and signed by President Trump late last year enacted major changes to the popular Paycheck Protection Program (PPP). And this week, consistent with that law’s 10-day...more

Key Guidance on SBA's Loan Necessity Questionnaire for Paycheck Protection Program Loans

Chambliss, Bahner & Stophel, P.C. on 12/14/2020

The U.S. Small Business Administration (SBA) issued guidance on the recently issued “Loan Necessity Questionnaire” (SBA Form 3509/3510). Lenders must require Paycheck Protection Program (PPP) borrowers to complete the...more

PPP Loan Forgiveness Applications and Increase in Federal Investigations Pose Risks for Small Businesses

Harris Beach PLLC on 12/4/2020

A significant part of the March 2020 CARES Act, the federal government’s Paycheck Protection Program (PPP) provided a lifeline for hundreds of thousands of small businesses across the nation, helping struggling owners pay...more

SBA Announces New Paycheck Protection Program Loan Necessity Questionnaire

Fox Rothschild LLP on 11/10/2020

On October 26, the Small Business Administration (SBA) published a notice in the Federal Register seeking approval from the Office of Management and Budget to release two new forms to be sent to borrowers under the Paycheck...more

SBA Reveals Questionnaires Aimed at Auditing Necessity of Large Paycheck Protection Program Loans

Parker Poe Adams & Bernstein LLP on 11/9/2020

In a series of FAQs issued last spring, the Small Business Administration (SBA) made clear that it would review the certification made by Paycheck Protection Program (PPP) borrowers of $2 million or more that “[c]urrent...more

The SBA Releases Two PPP Liquidity Questionnaires

Benesch on 11/2/2020

As you may remember from a previous bulletin, the SBA has stated that it will audit all PPP borrowers, who together with a borrower’s “Affiliates” (as determined pursuant to SBA regulations), received PPP loans in excess of...more

COVID-19: HHS Publishes Long-awaited Reporting Requirements for Provider Relief Fund Recipients

Foley & Lardner LLP on 9/24/2020

On September 19, 2020, the Department of Health and Human Services (HHS) released guidance establishing the reporting requirements for health care providers that received Provider Relief Fund (PRF) payments. These reporting...more

PPP Loan Audits: What to Expect, and How to Appeal

Maynard Nexsen on 9/16/2020

The Paycheck Protection Program (PPP), as established by the CARES Act and subsequent guidance found in the PPP Interim Final Rules, provides loans and loan forgiveness based on borrower's certifications and documentation...more

COVID-19 Relief: Paycheck Protection Program and Issues in M&A Transactions

Pillsbury Winthrop Shaw Pittman LLP on 9/2/2020

Potential merger partners of and investors in businesses that have received loans under the Paycheck Protection Program should be aware of particular risks and other diligence considerations. Any potential merger partner or...more

Will You Be Ready For A Paycheck Protection Program Audit?

Fox Rothschild LLP on 8/21/2020

The Small Business Administration (SBA) has opened the portal for applications for forgiveness of Paycheck Protection Program (PPP) loans established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act)....more

Paycheck Protection Forgiveness and Compliance—10 Frequently Asked Questions

Pillsbury Winthrop Shaw Pittman LLP on 8/20/2020

Considerations for PPP borrowers as they apply for loan forgiveness - As the Paycheck Protection Program (PPP) enters its forgiveness phase—where many borrowers have exhausted or are about to exhaust their loans and will...more

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Small Business Administration › Audits

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