The Securities and Exchange Commission is conducting a sweep of public companies that have received funds from loans under the Paycheck Protection Program.
“I believe there’s a sweep from enforcement seeking information from public companies about their receipt of PPP funds,” Ivan Knauer, partner at Snell & Wilmer LLP in Washington, told ThinkAdvisor Thursday.
The agency’s enforcement division in Washington is making voluntary inquiries regarding information that would demonstrate qualifications to receive a PPP loan, including the impact of COVID-19 on the business, among other related document and information requests, according to a person who has seen a letter the SEC sent regarding its probe.
The letter is entitled, in the “Matter of Certain Paycheck Protection Program Loan Recipients.”
The SEC declined to comment.