“Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, the President signed into law the CARES Act, which contains emergency relief resources for American workers and small businesses.” – Small Business Administration
COVID-19 swept through our nation quickly causing significant challenges to our healthcare system, economy, and the American people. Multiple programs and funding assistance is provided through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, including the Paycheck Protection Program (PPP). From the Small Business Administration (SBA) website, “The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.”
For more details on the program itself, visit the SBA website here.
Since the beginning of the PPP, there have been multiple versions of interim final rules issued, safe harbors developed, guidance provided, eligibility revised, and loan forgiveness application forms produced. The PPP loan forgiveness process can be difficult involving significant amounts of varying types of data as well as required detailed calculations. It may seem overwhelming to the small business owner.
Draffin Tucker is here to help. Our knowledgeable professionals are staying up-to-date on the PPP regulations and have developed tools to assist in evaluating loan forgiveness. We are ready to support you in completing your PPP Loan Forgiveness Application.
Areas of Assistance include:
- Review your PPP loan forgiveness application and calculation.
- Prepare the requested calculations for the PPP loan forgiveness application.
- Provide guidance on allowable expenditures for inclusion in the loan forgiveness calculation.
- Assist in gathering data and supporting documentation necessary to file the loan forgiveness application.
- Develop a detailed loan forgiveness data packet.
For details on COVID-19 and available government programs, visit our COVID-19 Resource Center.
Click here if you would like to contact one of our experts about PPP Loan Forgiveness.