PPP Forgiveness: Responding to an SBA Audit, Best Practices for Mitigating Enforcement Risk
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss the PPP audit process after loan forgiveness has been determined and how to prepare for and respond to an SBA audit. The discussion will include a regulatory update, a review of the PPP loan forgiveness application, and best practices for documenting PPP eligibility and compliance.
Outline
- Loan forgiveness: application and approval process
- Borrower eligibility for the loan
- Calculation of loan amount
- Use of proceeds
- Loan forgiveness calculation
- Reduced business activity safe harbor
- Appeals
- Appeals process when all or part of loan forgiveness is denied
- Appealing the lender's decision
- Appealing SBA's ruling
- SBA audits
- Who will be audited
- Factors the SBA will consider
- Preparing for and responding to an SBA audit
Benefits
The panel will review these and other critical issues:
- What factors do the lender and the SBA consider in reviewing a PPP loan forgiveness application?
- What documentation should the borrower retain to support its loan eligibility and the forgiveness application?
- How should the borrower respond to an SBA audit request? What is the role of the lender?
- What is the process for appealing an unfavorable loan forgiveness decision or audit?
Faculty
Paul B. Edelberg
Partner
Fox Rothschild
Mr. Edelberg is co-leader of the firm’s CARES Act and Paycheck Protection Program teams. For over four decades,... | Read More
Mr. Edelberg is co-leader of the firm’s CARES Act and Paycheck Protection Program teams. For over four decades, his practice has focused on corporate and commercial law for privately owned businesses, with an emphasis on general business counseling, commercial finance, mergers and acquisitions, private equity and venture capital and international trade and cross-border transactions. Mr. Edelberg’s multifaceted practice enables him to serve the domestic and international needs of a wide range of clients, particularly those with interests in China.
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Jared M. Tully
Practice Group Vice-Chair
Frost Brown Todd
Mr. Tully is the Vice-Chair of the Business Litigation Practice Group and serves a303-348-2404s the Team Leader... | Read More
Mr. Tully is the Vice-Chair of the Business Litigation Practice Group and serves a303-348-2404s the Team Leader for the firm’s Community Bank and Financial Institutions Team. He has extensive experience helping clients solve complex problems facing their businesses. He concentrates his practice in the areas of commercial litigation and bankruptcy matters. He routinely represents national banks in various types of litigation, including consumer and commercial disputes. He also represents businesses navigating complex debt issues in bankruptcy court. Jared works closely with his clients to obtain an effective and efficient resolution of litigated matters through litigation or seizing early resolution possibilities.
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