Creditworthiness Verifications and PPP Loans

CPA firms receiving requests from lenders for creditworthiness verifications for clients who had requested Paycheck Protection Program (PPP) loans were often unsure of how to respond. The advice CAMICO gave CPAs assisting their clients with PPP loan applications is valid for similar circumstances in which a lender wishes the borrower’s CPA to provide creditworthiness feedback to the lender.

War Story 119

Subject: Business Management Services; Wire Transfer Fraud

John Duval, CPA, had been engaged for several years by a high-net-worth client, Ed Robertson, who developed commercial and residential real estate. Duval provided business management and bill-paying services, which included wire transfer authority to pay Robertson's bills and transfer funds.

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