Paycheck Protection Program (PPP) loans (applied for through a local lender and administered by the Small Business Administration) are available to assist organizations effected by the COVID-19 pandemic. These loans are designed to help organizations retain their workforce and minimize disruptions. Although initially structured as a loan, a recipient can take certain steps to achieve partial or total forgiveness of the PPP loan.
Maximizing Loan Forgiveness is Key
As loan amounts are distributed, many organizations are planning their next action items. Critical to this planning is understanding the necessary steps to maximize the forgiveness amount of the PPP loans.
While many organizations may qualify for some level of forgiveness, good planning and proper documentation can help ensure you maximize your loan forgiveness potential.
Eide Bailly Can Help
The PPP loan forgiveness process may prove to be complex. We can help:
- Create a plan to maximize loan forgiveness
- Organize the necessary information to support forgiveness
- Assist with the computation of forgiveness amounts
- Interface with lenders to ensure borrowers are seeking and receiving the maximum forgiveness allowed by the PPP
Our professionals have been monitoring updates and helping businesses from the start of the Paycheck Protection Program. We’re ready to help you make the most of this relief program. For further information, or help with the PPP loan process, please complete the form.