The Paycheck Protection Program (PPP) has helped millions of businesses cope with the consequences of the COVID-19 shutdown. But, like any large and complex program, the PPP has also generated a lot of questions, particularly regarding the records borrowers must keep to qualify for loan forgiveness.
The rules governing PPP loan forgiveness cover a broad range of operational and financial areas and involve numerous tax and financial reporting documents. Some of the rules also have changed over time, further complicating the recordkeeping requirements. (more…)