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Preparing for PPP: CPA Business Funding Portal

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Partner, CPA, MBT, CEPA

Ownership Transition & Exit Strategies

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The last 12 months have been difficult for most private company owners, leaving many wondering if it is time to exit their businesses. However, successful exit plans require a strategic and tactical approach, often requiring assistance from outside specialists. There is no shortage of challenges and roadblocks faced this past year that are causing company owners to reconsider their future plans. Some of these challenges include: Managing the ongoing impact of COVID-19 A change in administration Concerns with employee health and wellness Uncertain financial performance Understanding and obtaining Paycheck Protection Program (PPP) loans Maneuvering through recession and recovery Keeping productivity and morale up in a remote work environment Navigating supply chain and customer disruptions  Combined, these challenges have created a near perfect storm. However, despite the chaos, many companies and their owners have been resilient and resolute about getting back to business and in many cases, financial performance is almost back to early 2020 levels. As private company owners look to 2021 and beyond, there is a growing focus on exiting the day-to-day management of their businesses. This can be done by hiring professional management, transitioning ownership and management to the “next generation” of family, or by a sale. Other factors that are entering into the exit dialogue include: I’m done – Many owners no longer want to bear the effort and risks of their business Vacation home effect – Some owners who have spent time working remotely have enjoyed their flexible schedules and time with family and friends (in many cases socially distanced) Death and taxes – According to Benjamin Franklin, “In this world nothing can be said to be certain, except death and taxes.” Many owners are at or near retirement and are concerned about the potential for higher corporate, personal income, capital gains and dividend taxes  How much is enough? – The wealth accumulated in private companies is illiquid and many owners have determined that the after tax proceeds from a sale will last for an extended period of time What’s next? – Owners are wary of the next “crisis” and how it could impact their companies While business owners are contemplating their next steps, recent market trends in the areas of executive talent and mergers and acquisitions (M&A) are making exit planning more enticing. Owners are finding either that the next generation of family members are ready to lead or seeing the increase in strong management talent available in the market. Additionally, the pent up demand for acquisitions from strategic and financial buyers are fueling growth. The stable M&A and debt markets are contributing to company valuation multiples returning to near 2019 levels with meaningful variance depending on the industry and individual company performance. Considering an exit plan? Baker Tilly can help. The process of deciding to exit a private business is difficult and should be done deliberately. A team approach is crucial in developing a plan. Private company owners often seek counsel from key family members, outside advisors or boards, accountants, lawyers, investment bankers and high net worth advisors. Baker Tilly is here to assist you in evaluating your strategic and financial alternatives and can help you create a road map to a successful exit.  Contact a Baker Tilly exit-planning advisor to get started.

The last 12 months have been difficult for most private company owners, leaving many wondering if it is time to exit their businesses. However, successful exit plans require a strategic and tactical approach, often requiring assistance from outside specialists.

Family Business

Coronavirus recovery and growth resources

Heading for the exit – A private company owners’ perspective

SBA PPP loans have been getting all the press.  However small businesses looking for an unforgiven traditional loan have two other potentially favorable SBA loan options available at the moment, courtesy of the Small Business Administration – an SBA 7(a) loan and an SBA 504 loan.  The basics of the 7(a) loan are that it can be used to, purchase equipment, acquire or start a business or obtain working capital. They have a maximum loan amount of $5 million, and have lower fees than 504 loans, which have payouts ranging from $125,000 to $20 million but require a 10% down payment by the business owner. The intention of 504 loans is for businesses to finance owner occupied commercial real estate or large equipment purchases. To qualify for these programs, a business must have fewer than 500 employees and generally less than $7.5 million in revenue. What are the positives? SBA loans usually involve significant fees and additional information/disclosure requests. However, as part of the CARES Act, the SBA is agreeing to waive those fees and pay several months of payments for loans approved through October 1, 2021. So, that is a nice benefit for small business owners.  Even if business owners don’t have all the equity conventional financing programs may require, they likely can qualify here, as long as they meet the basic requirements and have a good business plan. The biggest positive with these loans, however, is that the SBA is authorized to pay three months of principal (was 6 months but changed as of February 16, 2021 and could change again), interest and any associated fees that borrowers owe for all 7(a), 504 and microloans reported in regular servicing status (excluding PPP loans). Borrowers need not apply for this assistance. Up to $9,000/month in payment for a potential total of $27,000 per loan can be covered, although the SBA reserves the right to decline requests due to a lack of funds. It’s also important to note that these are payments on the company’s behalf, not deferrals. That type of money savings obviously can be huge for a start-up company or any small business. Finally, there is a potential for longer amortizations resulting in additional operating cash flow and flexibility for owners during these uncertain times.  What are the negatives? In terms of drawbacks, loan recipients are likely going to have to deal with a significant amount of red tape or additional requirements and disclosures that will require a personal guarantee by all owners. Additionally, there are loan maximums of $5 million. The loan limits may be a little less than what is available through conventional financing or for large businesses.  What can you do today? For starters, we recommend that you get the process started. Awareness and proactive planning are critical parts of this process. You should be prepared to discuss your business plan and how your business will succeed and grow post-COVID-19. If you’re potentially interested in refinancing, check on any prepayment matters that might be involved. If you need to involve additional decision-makers at your company, bring them into the loop as soon as possible. Be sure to discuss the loan opportunities with your banker. And of course feel free to reach out to members of the Baker Tilly Advantage team if you’re unsure if these opportunities are right for you. We can advise on the pros and cons of each loan type. We can analyze along with management your specific situation to help you make the best possible choice. Our Value Architects are here to help you maximize your opportunities today, for tomorrow.

SBA PPP loans have been getting all the press.  However small businesses looking for an unforgiven traditional loan have two other potentially favorable SBA loan options available at the moment, courtesy of the Small Business Administration – an SBA 7(a) loan and an SBA 504 loan. 

Small and family business coronavirus resources

SBA loan administration staffing augmentation

SBA loans: The basics of 7(a) and 504 loans

Video The news surrounding Paycheck Protection Program (PPP) loans has been increasing steadily the past few weeks as more businesses apply for forgiveness.  Further the Consolidated Appropriations Act, 2021 (the Act) not only creates additional funding for and modifications to PPP loans,  it also overrides the Treasury Department’s guidance, thus allowing expenses funded by forgiven PPP loans to be deductible for federal income tax purposes.      In this on-demand webinar, hosted in association with ALA (Association of Legal Administrators), our PPP loan specialists discuss the above topics, as well as further insights and takeaways.  Topics include: What Baker Tilly is hearing from banks during the submission process Uncertainty with loans over $2 million Common PPP pitfalls and how to avoid them  Presenters: Pauline Dumas, Director Adam Goehring, Partner Jessica Mastropietro, Partner
Additional resources: Paycheck Protection Program (PPP) solutions Small and family business coronavirus resources

View our on-demand webinar for an overview on PPP loan forgiveness, tax implications of COVID-19 legislation and PPP round 2.

Not-for-Profit

Paycheck Protection Program (PPP) Solutions

PPP update: loan forgiveness and tax implications

For many of us, the past 9 ½ months, rolling out of bed and walking to our home office has started to feel like Groundhog’s Day. The impending release of a new round of Paycheck Protection Program loans (PPP2) has intensified that déjà vu feeling and flashbacks to the start of the pandemic.  The renewed PPP program is part of the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act,” which has an estimated price tag of $900 billion and marks the fourth package enacted in 2020 to provide continuing economic relief from the COVID-19 pandemic. This bill is part of the Consolidated Appropriations Act of 2021, which funds the federal government for the next fiscal year. This time around, however, and having learned some lessons from the difficult rollout of the original program, let’s hope that Congress and the Treasury Department have improved the program to help more businesses. The bill gives small businesses a second chance at PPP loans, expands the program to news and marketing organizations and provides grants to certain live performing arts organization operators, museum operators and motion picture theatre operators.  It’s hard to imagine now, but applications for the original PPP loan program were being processed just one week after the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed in March and everyone (small businesses, Treasury, the Small Business Administration (SBA), banks, CPAs and lawyers, to name a few) were scrambling. Now that PPP2 is here – what has changed, what have we learned and what are we doing differently?
Background The original PPP program offered loans to qualifying businesses with an interest rate of 1%. Loans issued prior to June 5, 2020 have a maturity of two years; loans issued after June 5, 2020 have a maturity of five years. Loan payments are deferred for borrowers who apply for loan forgiveness.  The PPP included three rounds of funding between March and August, when the program closed to new loans. During that time, the SBA approved $525 billion in loans to 5.2 million qualifying entities; $134 billion of the original amount allocated from the program was never disbursed. The average loan size was $100,729; 5,460 lenders have participated in the program. About 50% of the loans went to four sectors: healthcare, professional services, construction and manufacturing. As of late November, about 11% of companies that received a loan have filed for forgiveness. There is debate if PPP was the right program to roll out and success varies by company, but there is no debate that it helped support the economy and keep people employed. For some industries, such as restaurants, hotels, cinemas, travel and dry cleaners, the PPP was only a small life preserver and companies in these sectors struggled to meet the payroll threshold of 60% (which had been reduced from 75% in the original law). Other industries experienced unexpected growth during COVID-19; PPP loans helped with expansions and forgiveness was easily obtained. PPP “second draw” loans So, how does the new bill change the PPP? The goal of Congress was to get this second round of PPP to those that need it the most, so they added new qualifiers. Businesses will be eligible for a “PPP second draw” loan of no more than $2 million (with some exceptions) if they: Have 300 or fewer employees; Have used or will use the full amount of their first PPP; and Demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same 2019 quarter Borrowers generally may receive a loan amount of up to 2.5 times the average monthly payroll costs in the one year prior to the loan or the calendar year. Accommodations and food services companies (NAICS code 72) may receive loans of up to 3.5 times average monthly payroll costs. Businesses with multiple locations that are eligible entities under the initial PPP requirements may employ not more than 300 employees per physical location. Waiver of affiliation rules that applied during initial PPP loans apply to a second loan. Sec. 501(c)(6) organizations (typically Chambers of Commerce) and destination marketing organizations are also now eligible for PPP loans, if they meet certain conditions.  FCC license holders and newspapers with more than one physical location are now also eligible for PPP loans as long as the business has no more than 500 employees per physical location. The bill requires the SBA to release guidance to lenders within 17 days of enactment that allows borrowers who returned all or part of their PPP loan to reapply for the maximum amount applicable so long that they have not received forgiveness. This is especially relevant for partnerships that submitted applications in early April prior to regulations released later relating to eligibility of guaranteed payments.  The bill resumes the payment of principal and interest (P&I) on small business loans guaranteed by the SBA under the 7(a), 504 and Microloan programs established under the CARES Act. Emergency EIDL grants The bill extends the covered period for Economic Injury Disaster Loan (EIDL) grants through December 31, 2021. It extends time for SBA to approve and disburse Emergency EIDL grants from 3 to 21 days. The bill also repeals a provision that required PPP borrowers to deduct the amount of their EIDL advance from their PPP forgiveness amount. The SBA is required to issue rules that ensure borrowers are made whole if they received PPP loan forgiveness and their EIDL was deducted from that amount. Business deductions saved The bill also overrules the IRS to clarify that gross income does not include any amount that would otherwise arise from the forgiveness of a PPP loan, retroactive to the enactment of the CARES Act. This is a relief to the struggling businesses hoping to carryback net operating loss (NOL) and other businesses hoping to avoid bank financing for an April 15 payment. The bill expands expenses that are eligible and forgivable to include: Covered operations expenditures, including payment for any software, cloud computing, and other human resources and accounting needs Covered property damage costs, related to public disturbances that occurred during 2020 that are not covered by insurance. Covered supplier costs related to contracts, purchase orders or order for goods in effect prior to taking out the loan that are essential to the recipient’s operations at the time at which the expenditure was made.  Covered worker protection costs such as personal protective equipment and adaptive investments that help a loan recipient comply with federal and local health and safety guidelines  The bill also modifies rules for forgiveness by simplifying forgiveness documentation submission requirements for loans under $150,000; this change is designed to speed up the approval process and reduce burden on the banks. Borrowers will need to do all the calculations and maintain supporting documentation for up to four years; so still need to calculate those 24 different ways to maximize forgiveness. Additional expenses are now eligible for forgiveness including supplier and PPE costs; however, payroll is still required to make up 60% of the eligible costs; so adding additional eligible expenses will not impact many companies.  PPP learning curve The first round of PPP was a huge learning curve for everyone involved, so what did we learn? To start, the rules of engagement have been set for the most part. In March and April, new FAQs were coming out daily from the Treasury clarifying various issues (what’s included in payroll costs, net or gross payroll, clarification of who is eligible, among 50-plus FAQs). Today, most eligible borrowers have a solid grasp of how to calculate the month of payroll and 2.5 or 3.5 times for the loan amount. The trick will be which companies are eligible this time around.  The necessity question will rear its ugly head again this round. Back in April, almost every employer in the country felt uncertain about where we were headed, so obtaining the PPP was a no brainer. This time around, we have over nine months of operating results to look back on. If a company had sales less than 30% over the previous year in quarter two of 2020, but sales have since rebounded and are maybe higher than in previous years, do they still need additional PPP to support operations and pay employees? The answer will depend on each business’ situation but be certain the SBA will be doing selective reviews of loans during the funding process and how companies spent the money. Both the banking community and CPA firms are more prepared for this round of PPP loans. Banks have their portals and processes built, but not all will be anxious to participate in a new round of PPP loans. Fintech companies (think Intuit, Paypay, Biz2Credit, Cabbage) got invited late to the game for Round 1 but hope to lead the automation and funding in Round 2. The AICPA has been instrumental in making sure firms are ready this time and has partnered with multiple firms to make funding faster for clients. Check out Baker Tilly’s funding portal here to see just such an example. Remember, back in April 2020, the initial $350 billion of PPP funds was gone in two weeks, and a majority of that in the first weekend. So, if your business is struggling and needs this funding, be prepared. Gather your documents, talk to your CPA and find your funding source as quickly as you can. Also remember that the PPP under the CARES Act was significantly modified by regulation and guidance for several months; the new law when enacted will be subject to this modification also. In addition, with a new administration starting January 20, 2021, further changes to small business support may be coming. 
View additional resources: Preparing for PPP: CPA Business Funding Portal Paycheck Protection Program (PPP) solutions Small and family business coronavirus resources For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

With PPP renewed as part of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, understand how the expansions and grants can give small businesses a second chance at PPP for the next fiscal year.

PPP2 – Here we go again…

Authored by Paul Dillon, Michelle Hobbs, Mike Schiavo and Michael Wronsky On Dec. 21, 2020, Congress passed additional stimulus legislation. The Consolidated Appropriations Act, 2021 (the Act), which funds the federal government for the next fiscal year, consists of several bills that together mark the fourth package enacted in order to provide continuing economic relief from the COVID-19 pandemic. The stimulus provisions in total have an estimated price tag of $900 billion. It is expected to be signed into law within the next few days.   The legislative package also contains numerous tax-related items, including renewals of many popular tax extenders. Other provisions in this legislative package are: additional funding for and modifications to Paycheck Protection Program (PPP) loans (via the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act); an extension of the enhanced federal unemployment subsidy and resources for vaccine distribution; a second round of direct payments to many taxpayers; an extension of and revisions to the employee retention credit (ERC); and a temporary allowance for the full deductibility of business meals provided by restaurants.  The Act also overrides the Treasury Department’s guidance, allowing expenses funded by forgiven PPP loans to be deductible for federal income tax purposes.  Lawmakers on both sides of the aisle and President-elect Joe Biden also have discussed the need for additional stimulus legislation in 2021; however, the prospects for this coming together are unknown at this time. Key provisions Small business loans The PPP receives additional funding, but this round is more targeted than the first version introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Designed to target small businesses that have been particularly affected by the pandemic, the new stimulus package includes: Directing $284 billion to the Small Business Administration (SBA) to fund additional loans of up to $2 million  Targeting businesses with fewer than 300 employees and that have sustained a 25% revenue loss in any quarter in 2020 relative to the same quarter in 2019  Allowing small 501(c)(6) organizations that have 150 employees or less and are not lobbying organizations to apply for funding In addition, for loans that have not yet been forgiven, the Act extends the covered period for all first draw PPP loans up to March 31, 2021, and expands the list of expenditures eligible for forgiveness to include:  Supplier costs,  Software or cloud computing software that facilitates operations,  Costs related to property damage, vandalism or looting caused by public disturbances that occurred in 2020, that were not covered by insurance,  Investments in facility modifications and personal protective equipment, and  Other group insurance premiums were added to the list of payroll costs (previously, only group healthcare benefits were eligible premiums). The Act also provides a streamlined forgiveness process for borrowers with loans of $150,000 or less. Expenses associated with forgiven PPP loans The CARES Act provided that if taxpayers used PPP loans for certain eligible expenses, those loans would be forgiven. Further, any forgiveness would be excluded from gross income. Treasury subsequently stated in Notice 2020-32 (reiterated in November  in Revenue Ruling 2020-27 and Revenue Procedure 2020-51) that expenses funded with forgiven PPP loans would be nondeductible for federal income tax purposes. In a major win for taxpayers, the Act clarifies Congress’ previous intent that these expenses are deductible. Employee retention credit The payroll tax credit available to employers experiencing full or partial suspensions or significant declines in gross receipts has been extended to apply to qualifying wages paid through June 30, 2021.   The Act also retroactively provides that recipients of PPP loans are eligible to claim the ERC.  Plus, eligible healthcare expenses can be considered qualifying wages regardless of whether they are allocable to an employee’s salary. The Act separately excludes wages taken into account in computing the credit from a PPP loan borrower’s payroll costs.   The Act also makes  prospective  changes to the credit, which include but are not limited to:  Increasing the amount of the credit to 70% of qualified wages from 50% Increasing the cap on the amount of qualifying wages per employee to $10,000 per calendar quarter from $10,000 for the calendar year An employer will qualify under the “gross receipts” test if their revenues in a calendar quarter are less than 80% of their revenues from the same quarter in 2019 (previously, revenues must have been less than 50% from the same quarter in 2019)  The employee limit for determining “small employer” status increasing to 500 employees from 100 employees Individual tax rebates Rebate checks of $600 per individual (including qualifying children) based on the earned income, Social Security benefits and retirement income of the taxpayer reflected on their 2019 returns. Check amounts will begin to phase out for individuals and couples earning $75,000 and $150,000, respectively.  100% business meals deduction The Act allows 100% deductibility for expenses for business meals provided by restaurants incurred over the next two tax years (2021 and 2022). The 50% limitation dates back to 1993 and will again be effective in 2023. Unemployment benefits The Act extends the $300 per week federal unemployment subsidy payment for 10 weeks, through March 14, 2021. Extender provisions Many so-called “extender provisions” were set to expire on Dec. 31, 2020; however, the Act renews them through 2025. These include, but are not limited to the: New Markets Tax Credit Exclusion from gross income for discharged mortgage debt on qualified principal residences (though the maximum amount is reduced to $750,000 from $2 million) Employer credit for paid family and medical leave Some provisions were made permanent by the Act including: Energy-efficient commercial building deduction under section 179D  7.5% adjusted gross income (AGI) threshold for determining the deductibility of individual medical expenses  Other tax provisions Taxpayers can use their earned income from 2019 to determine their earned income tax credit and refundable portion of the child tax credit. For employers that participated in the voluntary tax holiday, the employee portion of the Social Security payroll tax deferral repayment period was extended until December 2021. The original payback period ran through the first four months of 2021.  Individuals that do not itemize their deductions can deduct up to $300 in charitable contributions in 2021. Originally, this was solely allowed for 2020 returns. The 100% AGI limit for cash contributions to a qualified charity, which was also set to expire at the end of 2020, is extended through 2021.  The payroll tax credits for paid sick and family leave provided by the Families First Coronavirus Response Act are extended through March 31, 2021. Please reach out to your Baker Tilly tax advisor to discuss how these changes may affect your tax situation.
The information provided here is of a general nature and is not intended  to address the specific circumstances of any individual or entity. In  specific circumstances, the services of a professional should be sought.  Tax information, if any, contained in this communication was not  intended or written to be used by any person for the purpose of avoiding  penalties, nor should such information be construed as an opinion upon  which any person may rely. The intended recipients of this communication  and any attachments are not subject to any limitation on the disclosure  of the tax treatment or tax structure of any transaction or matter that  is the subject of this communication and any attachments.

Congress passed the fourth economic relief package with the enactment of the Consolidated Appropriations Act, providing additional funding to the Paycheck Protection Program, extending enhanced unemployment benefits and renewing some popular tax extender provisions.

Federal Tax

Federal tax coronavirus resources

Congress agrees to additional stimulus

Embarking on a digital journey can feel like a daunting endeavor with many opportunities for innovation and a multitude of solutions to consider. Successful transformation requires forward thinking in both market trajectory and advanced technology; igniting the power to reimagine the status quo and elicit positive change in not only your business outcomes, but also the people you serve.  Baker Tilly Digital is excited to announce our collaboration with Amazon Web Services (AWS). Leveraging AWS cloud services, Baker Tilly will enhance the value we offer through digital solutions and services, elevating our ability to advise clients across the entirety of their business.  So why AWS? “From the beginning of our journey with AWS, we [Baker Tilly] were impressed with their commitment to continuous innovation with new product releases, their dedication in seeking to understand and support customer needs, and the quality and cost-effectiveness of their products and services”. Baker Tilly Digital and AWS are working together to enhance the strategic approach and technical solutions that support customers through their digital transformation journey by providing a complete cloud services and management portfolio that will give enterprise customers fast, flexible access to the cloud. 
About Baker Tilly Digital  The Baker Tilly Digital practice combines strategic market knowledge and advanced technical expertise that enable us to work with your organization across multiple digital needs. Our practice both uncovers and addresses the digital challenges your business is facing, provides informed perspectives on market trajectory based on experience, and works with you to determine the future vision for business optimization and customer value. Our service offerings and solutions encompass five pillars that are critical for any digital strategy.  Baker Tilly Digital aligns our service offerings around five key pillars that allow us to help organizations foster their digital transformation and growth. The five pillars are:  Data focuses on capturing the right data, at the right level, while enabling the distribution of insights in a secure and visually appealing way. Baker Tilly Digital works with companies to develop the best approach to leverage and optimize their data, while providing the analytical aptitude to derive valuable insights for growth.  The Cloud services consists of the Baker Tilly Digital team assessing everything, from the opportunity for migration, to developing cloud-based solutions, to full scale cloud transformation. Baker Tilly Digital assists companies through their implementation, migration and integration of current and future digital assets.  Build focuses on application design, development, and modernization. Baker Tilly Digital helps companies to envision current and future applications that better align with business objectives and sees them through to production.  Assess, while multifaceted, provides an audit or assessment of the current digital landscape, with the ability to hone in on areas related to architecture, application performance, governance and digital maturity. Baker Tilly Digital learns a company’s biggest challenges and business goals to better cater our approach to deep dive into the areas that provide our clients the greatest value.  Transform, often follows assessments of the current digital environment, works with the end in mind by understanding a company’s desired future vision. Baker Tilly Digital helps to define the optimal path forward considering technology, product strategy, governance and operational design. Combining Baker Tilly Digital’s strategic lens in assessing and developing digital capabilities aligned to business goals, with AWS and knowledge within the digital world, together, we provide a robust suite of service offerings that can assist any organization with digital transformation. If you would like to learn more about Baker Tilly Digital or our AWS collaboration, please contact us.

Baker Tilly Digital is excited to announce our collaboration with Amazon Web Services (AWS). Leveraging AWS cloud services, Baker Tilly will enhance the value we offer through digital solutions and services, elevating our ability to advise clients across the entirety of their business.

Baker Tilly Digital

Accelerate your digital transformation with AWS

Baker Tilly Digital announces strategic collaboration with Amazon Web Services (AWS) to accelerate digital transformation 

In association with the American Institute of Certified Public Accountants (AICPA), CPA.com and Biz2Credit, Baker Tilly launched a new tool to help businesses navigate the next round of the PPP.  We are providing access to our platform free of charge in most situations for our clients. If you are not a current Baker Tilly client, we can still help most businesses through this process. Please register below and we will follow up.

Our team of Value Architects™ understands the challenges of PPP and can fully support you and your business through the process of assembling the necessary information for a PPP loan.

This new platform is a business relief tool that is now open and we welcome you to start your loan process early. The tool produces all government forms required to apply for the a PPP2 loan, supports calculations on payroll and other expenses, and produces a master report with the applicant’s electronic signature that can be delivered to the underwriting lender, Biz2Credit.

New tool assists with PPP loan applications

Time-saving loan approval process that is streamlined to avoid delays in funding.

Access to the power of AICPA technical input and calculators. 

Biz2Credit is SBA approved and the preferred partner of CPA.com & AICPA.

Appealing and user-friendly design for an easy and efficient experience.

Integration with payroll companies, utilities and banks when PPP forgiveness comes around.

Cloud-based platform (Amazon Web Services (AWS)) which protects your data and includes other security features. Your data will never be lost or leaked.

You will not be applying at this time; this is simply the first step to get you in line. You will receive communication from Baker Tilly's PPP2 team with next steps. Your assigned Baker Tilly PPP representative will have direct access to your loan application to better assist you. Once e-signed, your application will be submitted to Biz2Credit for funding. 

If your current bank is your chosen option for funding, please reach out to your Baker Tilly team for assistance in working through the application process.

For the second time around, Baker Tilly’s Value Architects are prepared to work with your organization now to chart a way forward that will enhance and maximize your value, minimize further disruption and keep your workforce safe.

For more information on this tool or to learn how Baker Tilly specialists can help, contact our PPP team.

Todd Bernhardt, partner, has been with Baker Tilly since 1999. He specializes in auditing, financial reporting and tax consulting for mid-market retail companies. Todd serves as the firm’s retail growth leader and local personnel leader for the Madison commercial team.

Cory Wendt is a director with Baker Tilly. Cory provides operational and project development consulting support to clients in energy, industrial and food process manufacturing environments.

Adam Goehring is a partner in the manufacturing and distribution services group at Baker Tilly.

Tim Kosiek, partner in the financial services group with Baker Tilly joined the firm in 2009. Tim focuses on depository institutions, credit intermediaries and specialty/structured finance entities. He began his public accounting career in 1980 with an international firm, where he exclusively served financial services companies until 2000. In addition, between 2000 and 2007 Tim served as the Chief Financial Officer of a $5 billion diversified financial service company.

Pauline Dumas is a director with more than15 years of professional experience.

In association with the American Institute of Certified Public Accountants (AICPA), CPA.com and Biz2Credit, Baker Tilly launched a new tool to help businesses navigate the next round of the Paycheck Protection Program (PPP)

Baker Tilly Advantage is a full-service accounting and advisory solution for small and closely held businesses.

A full-service solution for small and closely held businesses that combines financial expertise, industry insight and innovative technology – all delivered by dedicated advisors. 

Not-for-profits can rely on our experience to meet your specific accounting and operational needs, especially during this uncertain time. 

Baker Tilly has developed a comprehensive set of solutions that are readily available to assist qualifying businesses that have received, or will receive, loan proceeds that may be eligible for forgiveness under the PPP.

Baker Tilly’s small and family business advisors have developed a collection of resources to help you prioritize and navigate your next move during the COVID-19 pandemic.

Small & Family Business Coronavirus Resources

Preparing for PPP: CPA Business Funding Portal

Heading for the exit – A private company owners’ perspective

SBA loans: The basics of 7(a) and 504 loans

PPP update: loan forgiveness and tax implications

PPP2 – Here we go again…

Congress agrees to additional stimulus

Baker Tilly Digital announces strategic collaboration with Amazon Web Services (AWS) to accelerate digital transformation

Small Business

Not-For-Profit Coronavirus Resources

Paycheck Protection Program (PPP) Solutions

Small & Family Business Coronavirus Resources

New tool assists with PPP loan applications

Key features of the PPP tool

Submit your application

Connect with us for solutions.

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