Many of you received PPP funds, tracked your allowed expenses, and provided documentation so the loans would be forgiven. At the CFMA conference, one of the breakout sessions brought up some very interesting info.
Did you know they can audit these loans for up to six (6) years? It is well known that there was fraud. The rules as to what was allowed or not kept changing as we did our best to track. Seems like this could be a target for the Feds to audit and recover some of the money.
So where do you have your audit documents? Does your owner know where they are? Are you prepared to pull them out in 5 years and have them scrutinized? Quite sobering. Might be time to revisit and get prepared. – CMW