Related:
Baker Tilly can help you navigate the Paycheck Protection Program (PPP)
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.
PPP Loan Application Assistance
Baker Tilly has launched a new tool to help eligible organizations obtain a PPP loan. The tool is now open and we are providing access free of charge in most situations for our clients and guests.
The tool produces all government forms required to apply for a PPP 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. We invite you to get started now.
PPP Loan Forgiveness Assistance
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:
- Complying with the required calculations for the SBA forgiveness application
- Monitoring utilization of loan proceeds to help maximize forgiveness
- Agreed upon procedures to support loan forgiveness application
- Applying for any new SBA loans based on the extended forgiveness windows
Self-service PPP loan forgiveness calculator
For borrowers with a straightforward PPP loan compliance environment, we have developed a self-service, Excel-based loan forgiveness calculator.
Automated service for complying and monitoring loan forgiveness:
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.
PPP good faith certification considerations and documentation template
We have developed a template that incorporates the specific good faith certifications PPP borrowers are required to make and provides our initial recommendations as to considerations to be addressed for each certification, as well as our thoughts on documentation to be assembled or prepared in support of each certification. Although we cannot guarantee that use of this template will be sufficient to satisfy the documentation expectations of lenders or any governmental agency, our professionals are prepared to assist you with your understanding of these matters and provide insights as to the responsiveness of your approach to PPP loan application and forgiveness.
Additional insights
- CARES Act: a guide for small businesses and not-for-profits
- PPP loans: important economic need and accounting considerations
- SBA extends deadline to return PPP loans to May 14
- Understanding cash flow during uncertain times
- Families First and CARES Acts: three payroll credits explained
- Paycheck Protection Program (PPP) information for borrowers, including application
- AICPA update on economic stimulus bill: benefits for small business and employees
- Todd Bernhardt and Cary Mailandt share ways small businesses can navigate through the COVID-19 pandemic
- Understanding what to consider as you navigate your small business through COVID-19 and beyond
- COVID-19 Stimulus Guide: federal, state and local financial assistance programs
- Staff augmentation services