Nichols Liu – On Wednesday, Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza jointly announced that the SBA will review all PPP loans in excess of $2 million to ensure that the recipient was an “eligible” borrower. These audits will occur “following the lender’s submission of the borrower’s loan forgiveness application,” they said. Loans below $2 million and those for which forgiveness was not requested are still subject to audit.
