The countdown to filing for PPP Loan Forgiveness is fast approaching. Borrowers must ensure that the actions they are taking now during the "covered period" help them meet the complex maze that is the PPP Loan Forgiveness Application Process. Many borrowers are just now realizing how complicated the program may turn out to be but unfortunately many others have not yet come to this realization and will end up being ill prepared. Given the vague guidance and constant change of information released by the Treasury and SBA, it is certain that innocent mistakes will be made.
The benefits your business can gain from loan forgiveness are too important to risk.
Let us handle the details and complexities while you focus on getting back to business.
H&CO PPP Loan Forgiveness Consulting Methodology
H&CO has created a customized advisory service aimed at helping clients maximize their PPP loan forgiveness and meet compliance requirements set by the SBA. We feel confident that you will be able to outsource your fears and concerns regarding loan forgiveness to our CPA & Advisors that are all too familiar with Treasury and Government Rules. Our team will work with you to help expedite the loan forgiveness process and provide a reliable and trusted source of information for your PPP lender and SBA.Please read below some additional aspects of our service model and if interested in receiving a proposal, submit your information below via the "Request a Quote" button or click here.
The PPP Loan Forgiveness Funnel
We have created a service model methodology ("Forgiveness Funnel") and PPP Virtual Documentation Portal and Management System that will assist you throughout the PPP Loan Forgiveness Application and Claim Process. We will work with you throughout the forgiveness process, including providing guidance on expense tracking and documentation , analysis of eligible vs ineligible expenses, suggestion of additional documents to maintain for your reliance file all the way through representation in the case your application is selected for audit. It's been stated that any PPP Loan $2M and over will be audited by the SBA. Let us assist you to ensure you are fully prepared.
PPP Virtual Portal
The CARES act provides details of the documents that we will be required forgiveness and they explicitly state that "No eligible recipient shall receive forgiveness without submitting to the lender that is servicing the covered loan the documentation required."
We have created a PPP Virtual Portal, which is an E-File and Document Management System specifically designed to maximize Loan Forgiveness while minimizing your risk . Your Personal, Private Portal will come with a template and folder for each specific document required for loan forgiveness. You can easily upload or send to your advisor for secure, organized storage. Our advisors will be able to easily access & review the documentation to ensure it meets the criteria required for forgiveness. This will expedite the forgiveness process as PPP Lenders will have access to one complete file will all required documents and supporting material. Our advisors will be on top of the document gathering so you can focus on what you do best and get your business back to success.
Loan Forgiveness Calculator
Our service will include access to our loan forgiveness calculator and expense projection tools to help you understand if you meet the 75/25 ratio required for maximum forgiveness. Most recipients are not aware of the penalty arising for not meeting the ratio but our tools and guidance will help you better understand the interplay of the equation so that you can make informed decisions that will lead to loan forgiveness maximization.
PPP Loan Forgiveness Webinar
H&CO hosted a webinar on Tuesday, May 5, 2020 at 11:00am EST to discuss the details about what we know in regards to the Paycheck Protection Program (PPP) Loan Forgiveness and offer our suggestions for best practices. We will also cover the recent media attention the PPP has been receiving.