Need assistance with the newly released PPP Loan Forgiveness Application? We are here to help!

Calls and questions continue to come into our office from clients, about the new application for PPP loan forgiveness, released on Friday, May 15th, by the SBA. This process is very complex and very time consuming. We are available and able to advise and navigate you through this process.

Below is list of needed documentation and a pricing breakdown for your specific situation if you elect to engage Storen Financial to assist you in preparation of your application. Details about the PPP program and link to the application are also below.

Documentation needed (for 8 week period)

  • Payroll reports of wages, hours, and itemized payroll taxes
  • Employer contributions for Health insurance
  • Employer contributions for Retirement
  • Rent/mortgage payments
  • Utility costs
  • Original PPP Loan Application (if possible to obtain)

Pricing for application preparation

$125 – sole owner and no employees
$250 – owner plus 1-5 employees
$350 – owner plus 6-10 employees
$450 – owner plus 10 or more employees

Add On $100:

  • For employers who had employees that did not return during the 8 week period
  • Initially had reduced staffing levels but had restored to full staffing levels by June 30

 

 

SBA Releases Paycheck Protection Program Loan Forgiveness Application: A Deep Dive

Article from Forbes.com

On Friday, May 15th, the Small Business Administration (SBA) released the application borrowers of a Paycheck Protection Program (PPP) loan must use to determine the amount of the loan that may be “forgiven” by their lender. While the application included instruction, the SBA failed to provide two additional items that would have greatly benefited borrowers… Click here to continue reading this article.

 

Paycheck Protection Program

Information the U.S. Small Business Administration

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Click here to learn more about this program.

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Click here to download the Paycheck Protection Forgiveness Loan Forgiveness Instructions and Application.

 

Blog by Kim Storen, EA – Managing Tax Accountant, Business Services Manager

Learn more about Kim and the rest of the Storen Financial team here.