During this difficult time, DGC provides you with coronavirus updates and resources here.
The Small Business Administration (SBA) has released its Paycheck Protection Program Loan (PPP Loan) forgiveness application. To download the document, click here.
This 11-page PDF is completed by the borrower and then submitted to the borrower’s Lender or the Lender that is servicing their loan. There is also an option for borrowers to complete this application electronically through their Lender. There are four sections in the document:
DGC’s PPP Loan forgiveness team has developed a complex model to assist clients with the forgiveness calculation process. This model will play an important role in producing the documentation that lenders will require for approval of the loan forgiveness amount. The model will also be helpful in the event of a subsequent SBA audit.
Over the past few weeks, DGC has posted a wide variety of PPP Loan forgiveness resources to dgccpa.com/coronavirus including articles covering topics like four steps to maximize PPP Loan forgiveness, good-faith certification guidelines, and FAQs about rehiring employees. George Shaw, CPA, and Kimberley Train, CPA, ABV also hosted a webinar, “PPP Loan Forgiveness – A Process to Optimize Results.” To watch a recording of that webinar or to view the slide deck, click here.
The PPP Loan forgiveness application form provides some clarification and guidance on issues covered in our prior communications. We will provide a more detailed update on those issues shortly.
If you have questions or want to discuss how DGC can assist you with loan forgiveness calculation, please contact a member of your DGC client service team or George Shaw, CPA at 781-937-5125 / firstname.lastname@example.org or Kimberley Train, CPA, ABV at 781-937-5112 / email@example.com.