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PPP Borrowers Should Act Fast, Expect Scrutiny

The SBA is doing more vetting for potential fraud.

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The American Institute of CPAs (AICPA) is urging firms to move swiftly to collect key information from clients looking to secure a Paycheck Protection Program (PPP) loan—information such as average monthly payroll amounts, quarterly revenue comparisons for second-draw borrowers, and other required documents to accelerate the process.

The PPP reopened Monday for new and existing borrowers. Only community financial institutions are currently able to make PPP loans. The program will open to all participating lenders soon, according to the Small Business Administration (SBA).

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