The Paycheck Protection Program (PPP) has been a critical lifeline for businesses across the country. However, even if your PPP loan will be forgiven, there is no free lunch. The forgiveness application process is complex, with exacting requirements that are difficult to navigate. The Small Business Administration (SBA) requires that every penny of your loan is documented to their specifications, and that you only use your PPP funds for specific costs.
If you’ve been approved for a PPP loan, or you are planning to apply for the next round of funding, you need a plan now. You need to know where every dollar is going, how do deal with unexpected expenses, and how to document everything to ensure your PPP loan is forgiven.
Did your organization already receive a PPP loan and spent the funds on payroll and approved expenses? Don’t be lulled into a false sense of security. Even if you played by the rules and used every penny of your PPP loan appropriately, forgiveness is not guaranteed.
Should you use the full forgiveness application, or the EZ version? Does the Alternative Covered Payroll Period make more sense for your organization? What about payroll costs for you, the company owner? How do you account for healthcare and retirement benefits? Do you know how your PPP loan will impact your tax liability? What if you received an Economic Impact Disaster Loan (EIDL) advance?
You can’t afford any hit to your bottom line. If your PPP loan is not forgiven, it could be the final nail in your organization’s coffin as the economy limps along and shut-downs continue. Don’t make the mistake of trusting an online calculator or a bookkeeper without specialized knowledge to protect your company. These types of services apply a “one-size-fits-all” approach that seldom fits anyone.
We understand that your business is unique, and the use of your PPP loan is unique. We perform a comprehensive initial assessment to understand your needs and how we can maximize your PPP loan forgiveness. We will guide you through the entire process and file your forgiveness application, keeping you informed every step of the way.
Tortolano & Company has been a trusted community partner for over ten years. We pride ourselves on helping locally-owned organizations like yours reach their goals and succeed. Whether you operate a healthcare practice, a retail store, a restaurant or a professional services firm, we have the experience and expertise you need.
Go ahead, ask us hard questions about your PPP loan – we have answers! And those answers won’t stop once you choose us to process your PPP loan forgiveness application. Unlike many accounting firms, we NEVER nickel and dime our clients for support. Call or email us anytime. No clock-watching, no hidden fees, no nonsense.
You need an ally and a fighter in your corner to make sure that your PPP loan is forgiven and your business is stronger than it was before. The longer you wait, the higher your risk. Don’t let your livelihood slip away – contact us today!