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PPP Forgiveness Service

The deadline to have your Payroll Protection loan forgiven is fast approaching. Of the approximately five million PPP loans, only 96,000 have been submitted so far for forgiveness. As the rest of the applications are received, the Treasury will be overwhelmed due to a bottleneck effect.

The forgiveness process can be convoluted, time-consuming, and a proper headache. Better Accounting Solutions has a trained team of PPP Loan Specialists standing by. They are ready to assist you in the process, from initial submission to final forgiveness. We can take the trouble off your hands once we receive the necessary information to file and follow through.

In addition to our trained team, we have direct lines of communication with the following lenders: Cross River Bank, PayPal, Kabbage, Bluevine, Harvest, Riverview Bank, Liberty SBF, and many others. Having support professionals at these organizations allows us to quickly work through any issues that may arise and ensures that our clients’ loans are correctly processed with priority in a timely manner.

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PPP Loan Forgiveness Consulting Services 

  • Review of PPP loan application funding

  • Review spending of PPP loan proceeds and consult on how to maximize loan forgiveness • Review of the salary & wage reduction and FTE workforce reduction, if applicable

  • Modeling loan forgiveness with Better Accounting Solutions proprietary PPP loan estimator • Assistance with the SBA’s PPP loan forgiveness application submission

Our consulting services include the following calculations and determinations: 

  • Receive and determine adequacy of client data included in input sheets

  • Calculate payroll costs paid in cash

  • Calculate average FTE and FTE reduction

  • Calculate salary/hourly wage reduction, if applicable

  • Determine loan reduction exceptions and safe harbors

  • Calculate non-cash compensation

  • Calculate cash and non-cash compensation to owners

  • Calculate non-payroll costs

  • Provide the proforma of the SBA’s PPP Loan Forgiveness Application

Additional Services 

  • Perform a diagnostic review of PPP Loan Application for accuracy

  • Evaluate projected spending of PPP loan proceeds and provide guidance on how to maximize loan forgiveness

  • Interface with client’s lending institutions

  • Guidance on gathering documentation required to be submitted and retained • Post application submission follow-up and correspondence, as needed

 

To schedule a Phone Consult with one of our PPP Specialist click below.