Teamsters local 707

 Should provide members with the accounting

The Local received the PPP loan in 2021 and it was subsequently forgiven.  In order for the loan to be forgiven it had to be used on payroll costs and other eligible expenses. At least 60 % had to be expended on direct payroll costs. Documentation is not required to apply for loan forgiveness but the Small Busi ess Administration (SBA) has the right to audit and recipients of the loan must maintain documentation in the event they are audited by the SBA.