As COVID-19 continues to upend nearly every aspect of life in the United States, Congress has been working to relieve suffering Americans. Having passed the Families First Coronavirus Response Act on March 18 in an effort to limit the spread of the pandemic and support relief efforts, Congress turned to stabilize the economy. Contact us if you have any questions.
It is best practice to create a separate bank account to manage your PPP loan funds. All qualifying expenditures should be paid from this dedicated account. This will provide the best audit trail to trace these expenditures. Contact us if you have any questions.
SBA regulations require a CDC to have a Board-approved internal controls policy that, among other things, directs the operation of a program to review and assess the CDC’s 504 loans (13 CFR § 120.823(d)(13) and 13 CFR § 120.826(b)(3)). SOP 50 10 requires a CDC’s internal control policy to ensure satisfactory monitoring and management of the 504 loan portfolio, including but not limited to, providing for a periodic loan review function to be performed at least annually by a person that is not directly or indirectly responsible for loan making or by outside contractors.