PPP Loan Forgiveness Solution
PPP Loan Forgiveness Solution
As you’ve navigated the current challenges facing your business, you’ve likely discovered that guidance is changing daily.
Although there are now several programs to help you stay afloat, it’s difficult to keep up with and understand all of the nuances. As you try to sort through the alphabet soup of government aid — whether it’s the CARES Act, FFCRA, PPP, or EIDL — it can get overwhelming to figure out what you should apply for and how to track your expenditures.
We don’t want you to feel overwhelmed or alone during this time. So, we’ve created an innovative solution to help you forecast, document, and report your Paycheck Protection Program loan forgiveness.
Although there are a lot of PPP trackers and information online, those calculations can quickly become outdated as new guidance is issued. That puts you at risk for submitting the wrong information. And that, in turn, could lead to an audit or other unwanted regulatory action.
But through our program, we’ll be with you every step of the way, with scheduled consults and expert advice. That way, you know the information you’re providing the government is accurate and timely.
How Our Process Is Different
- Your full-time employee count is a key component of PPP loan forgiveness. But the government has yet to issue comprehensive guidance about FTEs. However, our model can react quickly to regulatory updates, especially where your FTEs are concerned. We can show you different scenarios based on whether you reduced wages or headcount so that you always understand the impact on your loan forgiveness.
- Data gathering and entry could take you days or even weeks, which takes time away from you running your business. However, we remove that burden of gathering data and performing side calculations to arrive at the figures for your forgiveness calculation. This helps to ensure that your forgiveness calculation is accurate.
- We also remove the burden of you having to report your submission to your bank and the Small Business Administration.
How Our Process Works
- You provide us with individual payroll registers and non-payroll invoices for utilities, rent, and mortgage insurance, as well as fill out a simple questionnaire and template. Here's a checklist of everything you need to provide.
- Our data analytics team extracts and imports your information into our model.
- Your CPA receives your model and uses it to forecast your forgiveness amount and then meets with you to review your details and discuss various scenarios that might impact your loan forgiveness.
- As you provide us with additional information, we continue to update your model. Your CPA will meet with you twice more to review all of your information.
- When the SBA releases interim and final guidance, we’ll update the model for you and inform you of any changes that may impact your forecasted loan forgiveness amount.
- When it’s time to request forgiveness, our data analytics team creates a reporting package and forwards it to you and your CPA so it can be submitted to your bank.
Talk to your tax advisor today to find out how we can help you mitigate some of the current uncertainty.
This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.
Other Useful News
The SBA has opened the portal for lenders to submit PPP loan forgiveness…More info
The new Economic Aid Act changes how Payroll Protection Program loans are…More info
The SBA released their newest version of the simplified loan forgiveness…More info
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