Many of our clients are beginning to feel a sense of relief as funds from the Paycheck Protection Program are finally starting to appear in their bank accounts. Unfortunately, some companies are still waiting to be approved for the second round of funding that was just passed earlier this week. In either case, getting the funds is just the first step. Next begins the process of positioning to quickly return to business as usual and maximize the opportunity for loan forgiveness.
While we are still waiting on the final guidance from the United States Treasury and Small Business Association regarding the loan forgiveness process, we have repeatedly heard that forgiveness will be directly tied to tracking and documenting qualified expenses. To assist our clients through this process we created our Loan Relief Calculator.
The Loan Relief Calculator is designed based on the current understanding of the Paycheck Protection Program and helps businesses forecast loan forgiveness. After calculating an estimate for forgiveness, business leaders can make informed decisions designed to maximize their loan. Once a plan is established, the calculator can be used to track expenses and monitor progress throughout the 8-week qualifying period. The Loan Relief Calculator is intuitively designed, but we are always available to provide additional support.
The guidance from the United States Treasury and Small Business Association regarding the Paycheck Protection Program has changed significantly over time. We are working hard to keep our clients as informed as possible throughout the entire process. Together we will create the confidence your business needs to make it through these challenging times.