Werner & Co. CPAs is ready to help you understand and comply with requirements.
The Paycheck Protection Program (PPP) was signed into law by President Trump on March 27, 2020 as part of the CARES Act. It is a very valuable program, but it has strict rules to follow in order to obtain the benefit.
Businesses (under 500 employees) that borrow funds under this program can have up to 100% of their loans forgiven, subject to meeting certain guidelines contained in the CARES Act. In order to achieve loan forgiveness, a business must:
- Use of the loan proceeds for forgivable purposes during the 8-week period from when the loan is made.
- Maintaining employment levels and salary and wage levels during the 8-week covered period.
After the eight weeks are over, borrowers will submit a loan forgiveness application to their lenders. This application must include documentation that complies with the requirements for forgiveness under Section 1106 of the CARES Act.
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Werner & Co. CPAs stands ready to assist you in meeting your compliance requirements for loan forgiveness.
Compliance & Advisory Services offered:
- Review the categories of allowable costs.
- Review your average FTEs calculation and salary/wage levels for the covered period.
- Assist you in evaluating the timing to re-hire employees and restoring wage levels by the June 30, 2020 deadline.
- Substantiate expenses in the allowable costs and review supporting documentation.
- Provide worksheet to assist you in monitoring your loan spend.
- Provide a report that calculates all allowable costs and compliance for loan forgiveness.
- Review your loan forgiveness application.
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Use the full range of experience and capability of Werner & Co. CPAs to help you get through this complex financial situation. And stay safe, too,
Kristofer M DePaolo, CPA | CEO
