May 22, 2020
On Friday, May 15th, the SBA released the Paycheck Protection Program (PPP) Loan Forgiveness Application, with accompanying instructions. Our team has been brushing up on the details, and though there are still unanswered questions, we now have a good indication of the rules the SBA plans to use to calculate PPP loan forgiveness.
The AICPA has released a PPP loan forgiveness calculator, which can be used to estimate loan forgiveness. The AICPA updates this tool each time additional guidance is received, so make sure to regularly check that you have the most current version. The latest version can be downloaded here, in the calculators section.
For those of you that have received PPP loan funds and are turning your attention toward forgiveness, we are gearing up to assist you and your lender through this process by providing the following:
- Planning analysis regarding forgiveness reductions related to decreases in FTEs/wages
- Planning ideas to maximize the benefits of PPP
- Estimating loan forgiveness based upon your circumstances
- What documentation you will need to submit to your lender to apply for loan forgiveness
If you would like help with the above services, reach out to your engagement team. We are here to help you through these unprecedented times and will work with you to update our service agreement.
Disclaimer: The information contained in this communication, including attachments and enclosures, is not intended to be a complete analysis of all related issues. Nor is it sufficient to avoid tax-related penalties. It has been prepared for informational purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and Perkins & Company, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.