The new rules are complex, and could require significant coordination among affiliated businesses. In addition, businesses are not precluded from the employer retention credit by having a payroll protection program loan, so there could be an opportunity to coordinate expenses to take advantage of both programs if a business qualifies.
If you meet certain requirements under the program, up to 100% of the loan proceeds may be forgiven. Notably, the SBA will fully forgive all loans under the Paycheck Protection Program, provided that all borrower requirements and documentation are met.Francis Tax can assist you in calculating your average monthly payroll for the loan application as well as compliance with the requirements of the loan forgiveness program. We offer interim and final field work assistance to maximize the amount of the loan forgiveness.
Having Francis on your team will help protect your responsibility and create necessary proof of compliance with the terms of the Paycheck Protection Program Loan Forgiveness Plan.
Francis Tax will provide Interim and final field exams to ensure requirements for PPP loan forgiveness provisions are met, which include:
If you haven’t applied for the PPP loan, Francis is here to assist throughout the entire process and we encourage engaging our team members at the onset of the loan application process.
If you have applied and were approved for the PPP loan, it is imperative to ask for assistance prior to receipt of the PPP funds to make sure a structure is in place to (a) properly account for the use of the funds and (b) to get the most amount of forgiveness available to you. Francis Tax can assist entities by providing guidance in documenting the use of funds, in order to mazimize accuracy and to make sure you are timely in your loan forgiveness documentation requirements.
