Helping you meet compliance requirements for loan forgiveness under the Paycheck Protection Program
The Paycheck Protection Program (PPP) provided much-needed relief to businesses adversely impacted by COVID-19. Under the terms of the PPP, borrowers are eligible for forgiveness of both loan principal and interest if they use the funds for specified purposes during time periods defined under the program, subject to adjustment for changes in employment levels and/or wages and salaries. However, borrowers who do not meet the strict requirements for PPP loan forgiveness may find themselves in worse financial condition than they would have been if they had never borrowed under the program at all.
To help borrowers avoid this outcome, Kreischer Miller has assembled a team of experts who can provide the following advisory and compliance services.
- Obtain an understanding of the nature of your business and provide feedback on how PPP rules could impact forgiveness of your loan.
- Analyze costs incurred by your business to determine costs eligible for forgiveness.
- Based on your business plans and outlook, help you determine the time when it will be most beneficial to submit your forgiveness application.
- Assist you in determining how to plan for rehiring and restoring wage levels in a manner that meets your business needs, preserves liquidity, and maximizes forgiveness.
- Advise you on the proper calculation of full-time equivalent employees and/or assist in the preparation of calculations for the forgiveness application.
- Advise you on the impact of changes in salary and wage levels and/or assist in the calculation of reduction in forgiveness resulting from such changes.
- Assist you in estimating loan forgiveness.
- Analyze your forgiveness application and provide feedback about potential issues or opportunities.
- Advise management on document submission/retention requirements.
- Trace expenses included in forgiveness calculations to supporting documentation to determine whether they are eligible for forgiveness.
- Analyze payroll and Human Resources data to determine whether full-time equivalent calculations conform with PPP rules.
- Analyze calculations and supporting payroll records to determine whether forgiveness calculations accurately reflect the impact of changes in full-time equivalent employees or salary and wage levels.
- Analyze the forgiveness calculation to determine whether the calculation complies with PPP requirements.
- Analyze the forgiveness application to determine whether it has been prepared in accordance with PPP requirements.
Contact us to learn more about Kreischer Miller’s PPP loan forgiveness advisory services, or to get help with your Loan Forgiveness Application.