Reports

Review the loans identified as potentially ineligible to determine if the businesses met eligibility requirements. If not, take appropriate action related to loan guaranty and forgiveness.

For future rounds of PPP lending, assess vulnerabilities in internal controls and strengthen or implement necessary internal controls to address ineligible loans and potential fraud.

For future rounds of PPP lending, revise the borrower application to include the critical “jobs retained” field to ensure SBA reports accurate and complete job numbers.

For future rounds of PPP lending, revise the application to include the demographic information of borrowers.

For future rounds of PPP lending, update the PPP borrower application to include a field for the North American Industry Classification System code of the business and the business description to enable SBA to prevent potentially ineligible loan approvals.

Update the PPP forgiveness application to include North American Industry Classification System code to ensure that previously recorded information is accurate.