AGG partner and Government Contracts practice leader, Tenley Carp, was quoted in a March 16, 2023, article published by The Business Journals titled, “PPP Loan Forgiveness Doesn’t Mean It’s Over for Businesses. Here’s a Costly Mistake to Avoid.”
The article reports that as the Small Business Administration, the Treasury Department, and the Internal Revenue Service increase scrutiny of COVID-19 relief programs, experts say small-business owners need to hold on to their loan documents, as well as any documents that reinforce why they took out the loans. Businesses that are not following guidelines could face costly issues.
“Think about how many companies had never done business with the federal government before. Obtaining a PPP loan was a first-time event for many companies,” said Tenley. “I think this is going to be a bit of a shock to small businesses — those who were not government contractors — about the long tail of the PPP.”
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