- June 24, 2020
- Posted by: Dan Gordon
- Category: Accounting Advice
Dear Friends and Clients:
Obtaining a Paycheck Protection Program (PPP) loan is only the first part of the process. Now that you’ve received your funds, you must prepare the Loan Forgiveness Application. Are you ready to tackle this by yourself? As with any financial transaction, there are usually planning opportunities and absolute filing requirements.
Since we have been on top of this situation since the beginning and through its evolution, we are in the best position to shepherd you through the requirements in order to maximize your loan forgiveness and help you prepare an accurate loan forgiveness application.
With this in mind, PCO Bookkeepers has developed our PPP loan forgiveness consulting and application preparation service. The service features:
- Developing a spending optimization plan where appropriate.
- Loan forgiveness application preparation.
- Collecting documentation that supports the reporting of eligible expenses, such as payroll and benefit records, rent, utilities, mortgage interest, among other data.
- Determining the number of full-time equivalent (FTE) employees for both the measurement period and the baseline periods. This figure is required to perform an accurate loan forgiveness calculation.
- Computing excess wage reduction amounts, if any, for the loan forgiveness calculation.
- Completing and reviewing your final PPP loan forgiveness calculation/application prior to submission to the bank or other appropriate entities.
The benefit to using this service is having a CPA, enrolled agent or degreed accountant with knowledge of the pest control industry plan where appropriate and prepare your application for submission to maximize the loan forgiveness amount. Our support, professional knowledge, experience and judgement will take a big stressor off pest control company owners, giving them peace of mind and allowing them to focus on other critical business processes in these challenging times.
If this service interests you, please email us at firstname.lastname@example.org with a subject line: PPP Loan Help. Please include the date you received your PPP loan proceeds as well as the number of employees in your organization. We look forward to hearing from you.
Dan Gordon, CPA