How to Prepare for an Audit of Your PPP Loans
Many of the businesses you serve have likely benefitted from Paycheck Protection Program (PPP) loans. As you know, there are many program guidelines that lenders must follow.
Delving deeper to understand the regulations from an audit perspective will allow you to manage the program more carefully, discuss it with stakeholders, and prepare for regulators’ examinations.
- How can you plan an audit of PPP loans?
- How should financial institutions account for loans likely to be forgiven?
- Who qualifies for the PPP?
- What are the necessary forms?
- What loan review procedures should financial institutions follow?
- How should you communicate PPP compliance to your institution’s board of directors and audit committee?
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