SBA Review PPP Loan Files

Will SBA review individual PPP loan files?

Yes. Important certifications are required to obtain a PPP loan. To make sure PPP funding is allocated to businesses who are truly eligible, the SBA will review all loans in excess of $2 million dollars.

Linked here and pasted below is the text from the official question and answer document published by the Department of the Treasury, which you should reference:
https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf

Below is the official question from Q39 as of May 14, 2020

39. Question: Will SBA review individual PPP loan files?
Below is the official answer from Q39 as of May 14, 2020

Answer: Yes. In FAQ #31, SBA reminded all borrowers of an important certification required to obtain a PPP loan. To further ensure PPP loans are limited to eligible borrowers in need, the SBA has decided, in consultation with the Department of the Treasury, that it will review all loans in excess of $2 million, in addition to other loans as appropriate, following the lender’s submission of the borrower’s loan forgiveness application. Additional guidance implementing this procedure will be forthcoming. The outcome of SBA’s review of loan files will not affect SBA’s guarantee of any loan for which the lender complied with the lender obligations set forth in paragraphs III.3.b(i)-(iii) of the Paycheck Protection Program Rule (April 2, 2020) and further explained in FAQ #1.

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