How Wilson Toellner CPA Can Help Your Business With Loan Forgiveness
By now, you have probably heard about the Paycheck Protection Program (PPP), which was created by Congress under the CARES Act and provides businesses with a forgivable loan (one that potentially does not have to be paid back) equal to ten weeks of average payroll expenses.
Initially, Congress funded the PPP with $349 billion dollars, which had all been loaned to businesses in about two weeks and was gone by April 16th. In the coming days (maybe even by the time you read this), Congress is expected to add roughly $300 billion more to the program. There is speculation that this additional $300 billion will be loaned very quickly, and perhaps may already be gone, based on applications already on file with banks. Our advice has been, and continues to be for clients to reach out to their lender to discuss participation in the PPP, and to let us know if you’d like help with your application.
Over the last several weeks, our Mid-MO CPA firm has been working closely with our clients and their lenders to help our clients secure millions of dollars in forgivable loans that are now helping to keep their businesses running. Here are the things we are actively doing to help our clients secure these critical funds:
The Paycheck Protection Program, like so many things we are currently experiencing, is something small business owners never planned for. As always, our goal as a firm is to make life easier for our clients by lightening their burdens any way we can. Loans under the Paycheck Protection Program very quickly became an essential matter for our clients, and we will continue to be a resource to help our clients make good decisions quickly and capitalize on important opportunities. If you or someone you know needs guidance related to a PPP loan, please contact us.
Written By: Adam Wolfe, CPA, Partner - Wilson Toellner CPA
Initially, Congress funded the PPP with $349 billion dollars, which had all been loaned to businesses in about two weeks and was gone by April 16th. In the coming days (maybe even by the time you read this), Congress is expected to add roughly $300 billion more to the program. There is speculation that this additional $300 billion will be loaned very quickly, and perhaps may already be gone, based on applications already on file with banks. Our advice has been, and continues to be for clients to reach out to their lender to discuss participation in the PPP, and to let us know if you’d like help with your application.
Over the last several weeks, our Mid-MO CPA firm has been working closely with our clients and their lenders to help our clients secure millions of dollars in forgivable loans that are now helping to keep their businesses running. Here are the things we are actively doing to help our clients secure these critical funds:
- We are continuously studying and interpreting the rules of the PPP. Our deep understanding of the nuances of the program has allowed us to quickly advise clients on their participation, so our clients can have their applications processed sooner.
- We understand the application process and have relationships with the banks our clients use. We can assist in quickly compiling the required information and completing the PPP application, and we have direct lines of communication with our local banks, so we can provide explanations or additional information as needed.
- We consult with our clients to help ensure compliance with the program’s requirements, resulting in maximum forgiveness of their loans. We have developed detailed tools to budget our clients’ PPP loan proceeds, and we collaborate with our clients to project their expenditures and to create a PPP spending roadmap. We help our clients ensure they are paying proper wages, maintaining proper levels of employment, and spending money in appropriate categories and amounts for their loans to be forgiven. We document this plan on paper and assist our clients in managing toward loan forgiveness.
The Paycheck Protection Program, like so many things we are currently experiencing, is something small business owners never planned for. As always, our goal as a firm is to make life easier for our clients by lightening their burdens any way we can. Loans under the Paycheck Protection Program very quickly became an essential matter for our clients, and we will continue to be a resource to help our clients make good decisions quickly and capitalize on important opportunities. If you or someone you know needs guidance related to a PPP loan, please contact us.
Written By: Adam Wolfe, CPA, Partner - Wilson Toellner CPA
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