How to prepare your business for an audit in case of PPP loan fraud - Business Insider

indicate that they're on high alert for fraud, and I think that should impact the way borrowers who believe they need funds think — they should keep that perspective front of mind," Railton said. "History shows that any time there is government aid, there will be investigations years down the road, and the worry about fraud impacts how closely the government will scrutinize."

"Think about the basis for meeting the certifications, and how to best position yourself to establish good faith," Railton said. In doing so, be aware that in a post-PPP loan audit, authorities will review your business from an overall standpoint, looking at more than just spending connected with your PPP funds.

In short, when you're making a move, track why that decision was made. In hindsight, you'll be glad you did.If business owners have any concern about the "necessity" certification or any others they signed off on when applying for a PPP loan, there's always the option to return the funds, Railton said. On May 6,Businesses may decide to return funds even if they do strictly meet the standard of "necessity.

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