Paycheck Protection Program: Key Developments and Preparing for Inevitable Audits and Enforcement Actions

On Friday, May 1, 2020, Crowell & Moring LLP will present its latest webinar on the Paycheck Protection Program (PPP), covering key developments in this program as well as continued updates to guidance out of the Small Business Administration and Treasury on such issues as eligibility and loan amount calculation. We will discuss lessons learned from the first application cycle for PPP loans and the fallout that continues both in the media and in guidance, rules, and feedback from Treasury and the SBA. We will address the new guidance regarding the certification that the “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant” and discuss factors that all companies should consider in light of this guidance and the impending May 7, 2020 end to the “safe harbor” period. We will also address Treasury’s announcement today that all recipients of PPP loans over $2 million will be audited and provide a fulsome discussion of the audit and enforcement measures available to the Government. This webinar will contain practical advice on best practices regarding assessing and documenting eligibility determinations, managing use of PPP loan funds, and preparing for the inevitable audits and enforcement actions.