Paycheck Protection Program (PPP) Loan Forgiveness Assistance

Assistance in Calculating PPP Loan Forgiveness

Organizations approved to receive, or who have already received funds from the Paycheck Protection Program, will need to begin addressing how to calculate their loan forgiveness.

The CARES act allows for covered loan forgiveness for borrowers who meet certain criteria. This has presented a unique opportunity for companies to borrow money on extremely favorable terms with up to 100% of the loan proceeds forgiven (for eligible expenses). There are income tax implications that should be reviewed and considered with each PPP loan.

The benefits organizations can receive from the loan forgiveness are too important to risk mistakes being made. At Calvetti Ferguson, we are working with borrowers to help them navigate the compliance requirements of the loan forgiveness program, to ensure forgiveness is received. Our team will work with you to help expedite the loan forgiveness process and provide a reliable and trusted source of information for your lender and the federal government.

How Calvetti Ferguson Calculates PPP Loan Forgiveness

Typical areas our team will review to maximize loan forgiveness are:

  • Consultation and guidance for loan tracking, use and eligible versus ineligible expenses
  • Detailed payroll costs breakdown and analysis, including healthcare and retirement benefits
  • Interest payment calculations and documentation
  • Rental payment calculations and documentation
  • Utility cost breakdown
  • Ineligible payments will also be identified and analyzed
  • Funds flow analysis
  • Assistance with loan forgiveness calculation

Agreed-upon Procedures (AUP) Engagements

Acting in accordance with the American Institute of Certified Public Accountants (AICPA) guidelines, our Assurance team members will conduct procedures relating to your documentation of expenses supporting your PPP loan forgiveness application. These procedures help ensure proper governance and can offer your boards, audit committees, and investors a sense of security.