We continue to hear headlines about PPP Loan borrowers being prosecuted. The prosecutions seem to be coming in three different categories.
1 – Improperly spending the proceeds
2 – Fraudulently applying for the loan
3 – Impersonating someone else to receive loan proceeds
A joint task force was set up in Springfield to handle these cases. I have read that most of what they are doing is focusing on cases involving organized crime, but that shouldn’t diminish my message.
The banks have set up massive compliance operations in reference to these loans. No bank wants to get their name in the paper connected to fraud in any way. If something was done incorrectly, they want to be the ones handing the case over to the Feds.
Improperly requesting forgiveness on one of these loans can lead to harsh circumstances including fines, penalties, and jail time. Be careful. If you need help, please call.
Let me leave you with this.
The SBA announced yesterday that they crossed a major milestone saying that over a million borrowers had filed for PPP Loan Forgiveness on their portal. I haven’t used it frankly, because it seems like a waste of time.
If you do use the portal, your bank still needs to go through all of the preliminaries including qualification and due diligence of your evidence. I can see a need if you’re having a particular problem with your bank.
Other than that, I just don’t see a purpose.
It’s Friday, the weekend is near, and it looks like it’s going to be beautiful. Spend some time enjoying it.
Get some rest. Read a book. Do some gardening. Go down to the lakefront. Spend some time with your family. Center your soul.
Monday will come sooner than anyone wants, and only whatever God you pray to has any idea what we’ll face next week.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Employee Retention Credits, PPP Loan Forgiveness, Payroll Services, or Bookkeeping and Tax Work, you have but to ask. I’m here and I remain,
Accounting Solutions Ltd.
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