SBA Issues CRITICAL FRAUD WARNING to PPP borrowers. : Protecting Your Clients Against Question 31 of the PPP FAQs: “Go directly to jail, do not pass Go, do not collect $200”
On April 23, 2020, the SBA issued a new set of Frequently Asked Questions. The final question, Question 31 reads: "Do businesses owned by large companies with adequate sources of liquidity to support that business’s ongoing operations qualify for a PPP loan?" In a lengthy answer the SBA raises the subjective question of whether a reasonably well-capitalized business, in fear of the length of the COVID-19 pandemic, can even borrow under this program?
Join attorney Martin Shenkman, CPA, MBA, PFS, AEP, JD, and Bob Keebler, CPA/PFS, MST, AEP (Distinguished) to discuss this totally unexpected development. In this class Marty and Bob will cover the following:
1) An in-depth review and line-by-line analysis of SBA FAQ question 31
2) Review of serious criminal sanctions in the loan application
3) Review of the criteria in the loan application
4) Review of the criteria in Section 1102 of the CARES ACT
5) Review of the criteria in the regulations
6) Board range of economic projections depending upon the virus itself and medical developments
7) What is the client has an existing large line-of-credit source of funding?
8) What about businesses thriving or at least staying afloat?
9) Reviewing balance sheets, income statements and cash-flow statements
10) Documentation of the need for the loan via financial projections
11) Modeling outcomes considering the COVID-19 Pandemic
12) Will CPA comfort letters be helpful?
13) Repayment of the loan by May 7th to avoid this entire issue?
There will be no CE for this webinar
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