The Paycheck Protection Program (PPP) Flexibility Act, signed into law on June 5, 2020, expands the possibility of loan forgiveness to small business borrowers. However, the forgiveness application adds complexities and provides a roadblock for many small businesses.

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Many borrowers counted on forgiveness when they applied for PPP loans earlier this year. The revised program enables more borrowers to achieve maximum forgiveness. However, with the Small Business Administration (SBA) releasing the names of PPP loan recipients over $150,000 and promising to audit all loans over $2 million seeking loan forgiveness — the stakes for non-compliance are high.

Jonny Frank and Ryan LaRue explain why borrowers must act now to be best-positioned for maximum PPP loan forgiveness, and lay out practical steps for success.

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About the Authors

Jonny Frank StoneTurn

Jonny Frank

Jonny Frank, a Partner with StoneTurn, brings more than 40 years of public, private and education sector experience in forensic investigations, compliance and risk management. He joined StoneTurn in 2011 […]

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Ryan LaRue

Ryan LaRue

Ryan LaRue, a Managing Director with StoneTurn, has experience in forensic accounting and auditing, litigation advisory, and compliance and monitoring. Ryan’s experience includes performing forensic accounting investigations and assisting counsel […]

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