From Jim Kahrs, Prosperity Plus – This is time sensitive and I wanted to get it out. The SBA released a clarification of the rules for how PPP Loans over $2 million will be treated.
Companies that took a loan of more than $2 million are going to be audited. There has been talk of criminal prosecution for business owners that took the loan and were deemed to have not needed it. This has now changed.
There will still be an audit, however, if the SBA deems that the loan was not necessary the only penalty will be the need to repay the money. I’ve talked with companies that were considering returning the money by tomorrow’s deadline to qualify for Safe Harbor. They may now want to rethink that.
ABOUT PROSPERITY PLUS MANAGEMENT CONSULTING, Inc.
Since 2001, Prosperity Plus Management Consulting, Inc. has helped business owners achieve their goals in terms of profitability, cash flow and growth. The company is licensed to deliver administrative, financial and marketing consulting based on the highly successful Hubbard® Management System which has been used among businesses worldwide and in just about every industry or profession you can imagine. That system, coupled with our own industry experience, has made hundreds of organizations saner, more productive and in many cases twice as profitable in less than year.
SOURCE Industry Analysts Inc.