Harold Mohn appeared on the May 5 episode of AHA Business Radio with Allan Hirsh and discussed the CARES Act, Paycheck Protection Program, and Economic Industry Disaster Loan program.
"When you get one of these loans, you have to certify certain things as part of the loan process and one of the items you have to certify is that the uncertainty of the current economic conditions makes it necessary for you to get this loan to support the ongoing operations of your company." said Harold Mohn, UHY Advisors Regional Managing Director.
He continued, "Now there is talk of auditing these loan packages, both for making sure the recipient met all these certifications and also to make sure that, if they were forgiven, the appropriate amount was forgiven. We have had some conversations with folks at the SBA trying to understand what exactly that means as far as what is going to be audited and how you meet you meet this certification. How do you prove to someone that you were qualified for this loan given the uncertainty of our current economic conditions."
Listen to the entire program here.