News — SmallBusiness

Before the forgiveness … comes the audit. And audits, as we all know, strike fear into the hearts of, well, pretty much everyone, whether financial wrongdoing has been in the cards or not. It’s not outside the realm of possibility that would-be Paycheck Protection Program (PPP) borrowers might shy away from submitting applications, with a mindset that the regulatory scrutiny just isn’t worth it. As reported earlier this week, Treasury Secretary Steven Mnuchin said PPP loans for more than $2 million would face full audits, while smaller loans could face spot checks. “One of the things that will be required...