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Paycheck Protection Program - Single Audit Requirements

7 May 2020 6:11 PM | Anonymous

On May 5, 2020, the U.S. Government Audit Quality Center announced that federal funds received as part of the paycheck protection program will not count towards the US$750,000 threshold for a single audit. However, loans made to nonprofits under the Economic Injury Disaster Loan (EIDL) program are considered federal financial assistance. Thus, these funds will be subject to the Uniform Guidance single audit requires and included in the calculation to see if the total federal funds received by the nonprofit surpasses the US$750,000 threshold. 


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