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PPP Loan Forgiveness Service Offerings: How Can Berntson Porter Help You?

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The CARES Act provided several programs under the law including the Small Business Administration’s (SBA) offering of Paycheck Protection Program (PPP) loans. These loans have been key in helping companies navigate these challenging times.

If your organization has not already obtained a PPP Loan, they are still available through June 30, 2020.

Once your company’s loan has been funded, the clock starts ticking to use the funds for the allowable expenses under the covered time period. It’s important to have detailed documentation in order to maximize forgiveness, including careful tracking of employee payroll amounts, hours worked compared to base periods and other specific forgivable costs. Stay in-the-know with our BP Blasts on best practices for PPP loan forgiveness and documenting certification of need.

The official guidance on calculating loan forgiveness continues to change, and our team of experts is continually monitoring, researching and analyzing the changes in order to provide the best possible solution and outcomes for our clients.

As your trusted advisor, Berntson Porter and our team of professionals are able to provide the following services to assist with PPP loan forgiveness:

Loan Forgiveness Application Guidance

The loan forgiveness application is complex, but we can help answer your questions as you work through all the steps of your forgiveness application. Some common questions we can address relate to determining the number of full time equivalent (FTE) employees required to perform an accurate loan forgiveness calculation and computing excess wage reduction amounts, if any, for loan forgiveness calculations.

Forgiveness Calculation Assistance

At the completion of the covered period, you can engage our team to assist with the calculation of eligible payroll and other costs, including identification of circumstances that could potentially limit loan forgiveness. The calculation will then be submitted to your lender and the SBA for forgiveness. Additionally, we can assist your team in clarifying proper documentation that supports the reporting of eligible expenses, such as payroll and benefit records, rent, utilities, and mortgage interest, among other data.

Review of Forgiveness Documentation

If you already have a team in place that can complete the forgiveness calculation and assemble the documentation, you can engage our team to provide oversight on the completed package. Our team’s guidance will help ensure your documentation is ready to submit to your lender.

Contact your BP representative to learn more about how we can help out.

Berntson Porter is here to help you navigate these unprecedented times. Visit our online Resource Center for up-to-date information about COVID-19 legislation that impacts you and your business.