Now that borrowers have received their Paycheck Protection Program (PPP) loan funds, it is important to understand the Small Business Administration's (SBA's) spending and documentation requirements to determine forgiveness eligibility. To achieve debt forgiveness under the program, specific spending and documentation requirements must be fulfilled. Our CARES Act Loan Consulting team can help organizations proactively work with their lenders by applying and understanding the requirements for loan forgiveness.
The PPP loan forgiveness process is likely to be time consuming and complicated, more so than the PPP application process itself. Calculations are complex and supporting documentation needs to be thorough and succinctly compiled.
The Brown Smith Wallace CARES Act Loan Consulting team can help organizations prepare their forgiveness submissions and obtain proper supporting documentation. Our services include:
- Forgiveness Application Preparation and Submission – Our team can help you prepare and submit your PPP loan forgiveness submission. Send us your spending documentation and our team will:
- Input your data and perform the difficult calculations accurately.
- Complete the application and obtain your electronic signature/certification.
- Submit the application and necessary documentation to the lending bank.
- Assist you in answering questions the bank may have during review.
- Custom Financial Modeling Services for PPP Loan Certification and Forgiveness – The CARES Act Loan Consulting team offers custom financial modeling services to help borrowers fulfill loan certification requirements and maximize their forgiveness eligibility. Organizations that borrowed $2 million or more under the PPP are subject to additional review/scrutiny and are required to certify their financial need for the funds. For loan certification, our financial modeling services can be used to help borrowers substantiate their need based on financial and cash flow projections, receivables, and sales. We also use financial modeling to help borrowers qualify for maximum loan forgiveness, ensuring you keep every dollar to which you’re entitled.
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Read our latest thought leadership about the PPP, forgiveness guidance, and more by visiting the Thought Leadership tab.
Our team can help your organization comply with PPP loan spending and documentation requirements to maximize your PPP loan forgiveness. Please submit the Engagement Letter on this page to get started today.
- Online, 04.28.2020
- Online/Live Webinar, 04.03.2020