On Friday, June 5, 2020, the President signed into law: H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020. With these permanent changes to the Paycheck Protection Program (PPP), business owners now have extended time and more flexibility in how to achieve greater loan forgiveness.
Baker Tilly has a comprehensive set of solutions available to assist qualifying businesses that have received, or will receive, loan proceeds that may be eligible for forgiveness under the PPP.
These tools have been developed pursuant to the guidelines established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Interim Final Rule issued by the Small Business Administration (SBA), and the subsequently issued frequently asked questions.
Our resources can help both borrowers and lenders through the phases of PPP including:
These all-encompassing property toolkits assist you with the application, monitoring and compliance phases. These toolkits each contain Excel-based PPP calculators.
The automated process helps you with assembling qualifying payroll information and the calculations required to compute forgiveness levels, therefore creating the line level build-up of the required information to complete the SBA PPP Loan Forgiveness Application.
Although these resources are based on our most current understanding of the SBA’s intended rules, because the final decision on approval to receive proceeds or the forgiveness of any amount of a PPP loan is solely within the authority of the SBA, use of these resources is not a guarantee that any amount of the loan will be approved or forgiven.