PPP Loan Forgiveness Assistance
PPP Loan Forgiveness may not be as easy as some small businesses previously thought.
In March, Congress passed the CARES Act which established the Payroll Protection Program. The PPP loan is designed to allow small businesses to cover their payroll, rent and utility expenses during through COVID-19 Pandemic.
If small businesses adhere to guidelines designed by the Small Business Administration (SBA), the PPP loan may be 100% forgiven. Small businesses may begin applying for forgiveness beginning on July 1, 2020 and the SBA recently released the forgiveness application and guidance.
The forgiveness process is like underwriting a loan AFTER money has been disbursed. The 11-page forgiveness application requires significant calculation of how you spent PPP funds, determination of full time equivalent counts, certification that there were no reduction in wage rates for employees and significant backup documentation.
Paper Trails will calculate forgiveness and prepare your application on your behalf
- Consult with you on PPP guidelines and forgiveness
- Track all PPP related expenses to ensure expenses are qualified and guidelines are followed
- Calculate your full time equivalent (FTE) employee counts and any employee wage reductions to determine if there is a reduction in your forgiveness amount
- Compile all documentation required for forgiveness
- Assist you in completing the PPP forgiveness application to your bank
- Provide copies of all forgiveness documentation to your accountant for year-end tax preparation
Preference on this service will be given to our existing clients. $350 for existing clients. We are more than happy to assist non-clients; the rate for non-clients begins at $525 and may increase based on the complexity of your payroll and the size of your business.
Sign Up for PPP Forgiveness Assistance
Complete the form below, or call us at 207-721-8575 to sign up for our forgiveness assistance program.