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 businesses could receive government funded loans to cover certain payroll costs to help employee finances during the shutdown that the country experienced in 2020.
With this federally financed program, also came requirements, policies, procedures, and anti-fraud tools that have resulted in investigations and enforcement actions by the U.S. government. The CARES Act created a special inspector general and the Department of Justice (DOJ) established a “CARES Act Task Force” who have been auditing, investigating, and, where appropriate, prosecuting PPP recipients who broke the rules. Understanding what one “signed up for” and being prepared to comply with, and meet the obligations of, the PPP are paramount to protecting your business and, as an owner or officer, your freedom and finances.
PPP loans came in two tranches (the first and second draws). One key to the program was that eligible borrowing employers could obtain loan forgiveness, meaning that if the employer qualified, it would not need to repay the loan. This loan forgiveness was conditioned on, among other things, the employer meeting the following obligations during the 8- to 24-week period following each loan disbursement:
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