PPP Loan Forgiveness Services
Expert Guidance on Maximizing Forgiveness
Obtaining a Paycheck Protection Program (PPP) loan is complicated but, as many businesses have found, worth the effort. Seeking loan forgiveness, however, might prove to be even more difficult. The new PPP Loan Forgiveness Application issued Friday, May 15, has the look and feel of a tax return. Specific accounting and reporting of salaries and other eligible costs is required. All eligible expenses must be supported by documentation to be submitted for forgiveness. Complex calculations and contradictions in the regulations continue to up the ante in an already high-stakes arena.
To understand the process and increase the potential for obtaining loan forgiveness, many organizations are discovering that securing expert assistance is essential. This is exactly what our specialists deliver.
Expertise Precisely When It Counts
Our Paycheck Protection Program Loan Forgiveness Team comprises knowledgeable professionals who have monitored and maintained an up-to-the-minute understanding of federal regulations from the program’s first introduction through its continued evolution. Leveraging extensive experience, we have developed our own Loan Forgiveness Calculator to help ensure accurate projections and full compliance with the application requirements. As a result, we are ideally equipped to shepherd you through the steps required for loan clemency: freedom from repaying the PPP funds you received.
Know Greater Value
To ensure a tailored, cost-efficient solution that meets your specific needs, our services are available to you in one of two ways:
- Forgiveness Application Preparation
All organizations can benefit from our assistance applying for forgiveness. The benefits our program offers are many; we prepare your application and:
- Collect documentation that supports the reporting of eligible expenses, such as payroll and benefit records, rent, utilities, mortgage interest, among other data.
- Determine the number of full-time equivalent (FTE) employees; this figure is required to perform an accurate loan forgiveness calculation.
- Compute excess wage reduction amounts, if any, for loan forgiveness calculation.
- Complete and review your final PPP loan forgiveness calculation prior to submission of the request to the bank or other appropriate entities.
- PPP Loan Forgiveness Consulting
For loan recipients who wish to incorporate advance planning with the goal of maximizing forgiveness potential, we offer advisory services in addition to forgiveness application preparation. In this case, our team may assist in gauging your likely forgiveness amount and helping you formulate strategies for achieving an optimal forgiveness level. On your behalf, our specialists are prepared to:
- Assist you in interpreting loan regulations.
- Identify any potential issues or opportunities that might affect loan forgiveness.
- Evaluate your risk profile.
- Develop a spending optimization plan.
- Estimate future cash requirements.
- Weigh possible forgiveness and business continuity tactics.
- Develop an Executive Summary to support strategic business planning and ongoing operations.
Like our service options, our fees reflect only the support you need, as you’ll see in the fee chart below.
|Services||Loans of less than $500,000||Loans of $500,000 to up $2 million||Loans of $2 million and more|
|1. Forgiveness Application Preparation:
Preparation of forgiveness application and filing assistance.
For sole practitioners and independent contractors: $1,500
|2. PPP Loan Forgiveness Consulting:
Forgiveness maximization consulting services, including evaluation of risk profile, spending, cash requirements and strategic business planning.
|We are pleased to provide a price estimate that includes our hourly rate and reflects your specific objectives and circumstances.|
|Fees are on a per-entity, per-loan basis.|
Moving Forward: Next Steps
For assistance with PPP Loan Forgiveness, please contact your Relationship Manager or click here to request that a specialist connect with you.