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The next step for many of you is how to prepare and apply for PPP forgiveness.
Hey all,

Obviously the PPP loan has been the topic of discussion for several months.  The next step for many of you is how to prepare and apply for forgiveness.

At this point, most lenders are not ready to start accepting applications. But, in the meantime, you’ll want to take the necessary steps to ensure accuracy, completion, and that your calculations are in the best interest of your business.

Get the required documentation per the forgiveness application and your lender.  These will include (but are not limited to) documents like bank account statements and tax forms for payroll and lender amortization schedules, lease agreements, invoices, and cancelled checks for other eligible costs.  You’ll want to keep other records like worksheets for calculations and job offers to rehire former employees.

Maximize your forgiveness.  Yes, knowing how to do this when you receive the loan is important to help you strategize, but even if your forgiveness period has ended (i.e. you qualify for the 8-week period), there are still ways to maximize forgiveness after-the-fact.  FTE’s play a HUGE role in this.  If you need help, just reach out.

And finally, make sure you review everything from start to finish. Get a second pair of eyes on your work. The PPP Flexibility Act provides us with additional options and time.  Accuracy trumps speed.  There is no need to rush.

Our team has been working very hard on keeping up to speed on the PPP, so if you would like our help, just let us know!

Thanks again,

Tim
 
 
 

Tim Petrey, CPA, CGMA
Managing Partner
HD Davis CPAs,LLC
330.759.8522 ext. 103









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