If you received money through the Paycheck Protection Program, you know that there are a number of complicated rules and regulations surrounding forgiveness. Businesses applying for forgiveness must take a number of critical steps to ensure compliance and accurate certification with the SBA. The Prager Metis PPP Loan Forgiveness Services team understands how daunting this may be, and the burden this process places on you and your ability to focus on what matters most to you – running and growing your business.
Our PPP-specific software takes the guess work out of preparing to apply for forgiveness. We are able to streamline and automate the calculations necessary to file your application and substantiate the amount of your loan that qualifies for forgiveness. This is done through the software’s payroll integration, which allows for:
- Automatic calculations of FTEs for pay, reference, and covered periods
- Limiting payroll to $100,000 pro-rata
- Calculation and monitoring of all covered, non-payroll expenses
- Application of statutory limits on forgiveness related to owner compensation, as well as all SBA rules
You will receive detailed reports to compare multiple scenarios, allowing you to file your application when it is most beneficial to you.
When you are ready to file your application, we will provide you with:
- SBA 3508 form (long or short)
- Supporting Schedules
- Supporting Exhibits
Additionally, all the back-up that you are required to maintain following your forgiveness will be stored on a separate, secure server, meaning you do not need to keep track of paper files or maintain records in multiple locations. Contact your Prager Metis advisor to begin your PPP Loan Forgiveness Engagement today.