The Paycheck Protection Program (PPP), originally passed as part of the CARES Act, is a loan program designed to provide businesses impacted by the COVID-19 pandemic access to needed assistance. When a borrower spends proceeds on certain expenses such as employee payroll, mortgage interest, rent, worker protection costs, or supplier costs, 100% forgiveness is possible. This translates into an attractive financial boost many desperately need.
However, receiving full loan forgiveness is not an easy task. The Small Business Administration (SBA) continues to review and change loan forgiveness rules, required calculations, substantiation requirements, and even application forms. The complex calculations and other requirements have left many borrowers concerned about the risk of missing out on forgiveness due to an incorrect or incomplete application.
Our experienced team stands ready to assist you through the process. Klatzkin’s services are designed to optimize forgiveness, including issues related to eligible payroll expenses, determination of full-time equivalent employees (FTEs), qualifying benefit expenses, rehire, other allowed expenses, and exceptions essential to calculations. The result is a thoroughly prepared application that ensures the maximum forgiveness possible.
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