GAO Says Trump Administration Planning to Audit PPP Loans Over $2M to Ensure Only Eligible Businesses Received Aid
The Trump Administration plans to use private firms to audit Paycheck Protection Program (PPP) loans to find businesses that should not have received PPP loans according to a new report from the Government Accountability Office (GAO).
In a new oversight report on federal coronavirus spending, the GAO stated that the Small Business Administration (SBA) plans to have a contractor use an automated review tool to flag potentially questionable PPP loans over $2 million and then manually audit the flagged loans. The SBA would complete the audits with contract and federal staff, with a different contractor conducting a “quality assurance review” on a sample of loans.
The GAO report says that as of August 24, Treasury was working with the SBA to finalize specific review procedures that contractors and staff would follow.
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