Quality Mortgage Services introduces SBA PPP loan file reviews
Summary
The Paycheck Protection Program was developed on the SBA 7(a) loan framework and allows eligible small businesses to receive up to $10 million as well as seek forgiveness based on payroll, utilities, rent and mortgage interest paid out. In hopes of providing immediate relief for small businesses and their employees impacted by COVID-19, the SBA opened the doors to receive PPP applications minus some essential stopgaps to prevent risk. The most widely publicized PPP concern has been the extension of loans for more than $2 million dollars to large profitable recipients, including Shake Shack, Ruth Chris and the Los Angeles Lakers. “Our goal is to help government oversight agencies take a closer look at possible fraud and negligence incurred in the hasty origination of PPP loans,” offers Tommy Duncan, Owner & Chief of Quality Mortgage Services. With three decades of experience in addressing key risk and compliance issues for the financial services industry, QMS is a full-service boutique QC solutions company that offers sophisticated quality control audits, loan analysis and reporting for banks, mortgage bankers, credit unions, and government agencies nationwide.