Payroll Protection Program: Loan Update

Payroll Protection Program Loan Update

This morning, US Treasury Secretary Steven Mnuchin announced that all Paycheck Protection Program (PPP) who received loans in excess of $2 Million would be subject to mandatory audit.

https://www.cnbc.com/2020/04/28/small-business-loans-above-2-million-will-get-full-audit-to-make-sure-theyre-valid-mnuchin-says.html

HMM strongly encourages all entities who are participating in the PPP loan program (regardless of loan amount) to retain all documentation related to the application for and compliance with the terms of the PPP program.

For more information, please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Please contact our office with any questions or concerns.

Questions? Please contact our office at (631)-265-6289.

The Partners of HMM, CPAs LLP:

Joseph Martello

Suzanne Breit

Wayne Robinson

James Budd

Brian Lee

Peter Vogel