Most banks have opened their PPP Forgiveness online portals and many clients are ready to apply for forgiveness of PPP loans. We are here to help.
Our tax and accounting advisors have spent the past 8 months following the PPP loan program as it was enacted, funded, and went through a series of changes over the summer months. We’ve already assisted a number of clients apply for loan forgiveness. Many have already been approved and forgiven by the SBA. If your PPP loan is under $150,000, we expect Congress will pass a stimulus bill to grant automatic forgiveness.
Here are the steps to take for us to assist you with your PPP forgiveness applications
- Click PPP Engagement Letter Template – Web for PPP Forgiveness Consulting Services. Sign this and return it to your Dent Moses advisor.
- Follow your bank’s instructions and create a login ID and password for their online PPP forgiveness portal.
- Use our secure file transfer system to send your Dent Moses advisor the following documents:
- PPP Loan Documents
- Payroll Report (PDF) showing the total amounts paid to each employee for the 24 week period beginning on the date the PPP loan was funded. This should be the date you received the PPP Loan funds. Example – if the loan documents were signed on April 13th, and your loan was funded on April 14th, the 24 week period would run from April 14th through September 28th. Most payroll software providers have a standard report.
- Excel schedule listing each employee, and the total compensation paid to each employee. The grand total should agree with the payroll report provided in item b. above
- Identify (1) all owners of the business, and (2) all employees who earned more than $100,000 in 2019.
- 2nd and 3rd quarter IRS Form 941 tax returns
- Provide answers to the following questions via email:
- How many employees do you currently have (or how many were on the most recent payroll run)
- Explain the nature of any changes in your workforce due to Covid. Did you make any reductions in personnel, or reduce any wages or salaries of any employees?
- Was your business unable to operate as usual at any time in 2020 due to government mandates or health guidelines? For example, restaurants or gyms.
- We will contact you to walk through the process with you and will let you know if we need any additional information.