COVID-19 PPP Loan Assistance
COVID-19 PPP Loan Forgiveness Assistance
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the ways the Small Business Administration (SBA) helped small businesses remain open and meet payroll. The law expanded the allowable use of the so-called “Section 7(a)” or Paycheck Protection Program (PPP) loans funds to support payroll and certain business expenses, such as paid leave, mortgage payments, insurance premiums and debt obligations while waiving many of the usual requirements like collateral and personal guarantees.
The SBA recently announced it would begin accepting PPP loan forgiveness applications on August 10, 2020. To start the forgiveness process, businesses should contact the bank that originated their PPP loan to determine when they will be ready to begin the process of accepting, reviewing and forwarding the PPP loan forgiveness application to the SBA for final forgiveness approval.
As you approach your PPP loan forgiveness process, your goal should be to maximize forgiveness. The SBA has been updating its guidance regularly, making it challenging for businesses to feel confident in applying for forgiveness while following all regulations and maximizing the forgiveness amount.
Our team has experience with forgiveness calculations, knows what to look for and can facilitate the process for you.
We can help you:
- Calculate the PPP loan forgiveness amount
- Complete and file the PPP loan forgiveness application
- Determine how partner compensation should be treated for PPP loans
- Assist with PPP loan forgiveness applications for partnerships