Many small business owners have applied for Paycheck Protection Program loans, created under the CARES Act as an incentive for employers to maintain payroll during the COVID-19 pandemic.
“What is the incentive?” you may be asking.
If you meet certain requirements under the program, up to 100% of the loan proceeds may be forgiven, and in addition, there will be no income tax implications! Notably, the SBA will fully forgive all loans under the Paycheck Protection Program, provided that all borrower requirements and documentation are met.
Marcum can assist you in calculating your average monthly payroll for the loan application as well as compliance with the requirements of the loan forgiveness program. We offer interim and final field work assistance to maximize the amount of the loan forgiveness.
Considerations and How Marcum Can Help
- Work with you to develop a plan to maximize the forgivable amount of your PPP loan with an 8-week budget
- Track and analyze payroll and non-payroll expenditures within the 8-week covered period in order to make strategic business decisions related to employee levels
- Accumulate and organize electronic supporting documentation for funding received and expenditures to support the forgiveness calculation, which can be provided to your lender
- Assess the impact of rehiring terminated employees on loan forgiveness and calculate the number of full time employees per pay period
- Evaluate the impact of reduced employee salaries on loan forgiveness
- Assist with interim and final field exams
- Provide tax planning and strategy consulting related to the CARES Act
- Provide additional guidance on other potential CARES Act funding
- Assess long-term business liquidity concerns or cash flow modeling
Who Should Take Advantage of these services?
Bankers & Borrowers
When to Qualify?
If you haven’t applied for the PPP loan, Marcum LLP is here to assist throughout the entire process and we encourage engaging our team members at the onset of the loan application process.
If you have applied and were approved for the PPP loan, it is imperative to ask for assistance prior to receipt of the PPP funds to make sure a structure is in place to (a) properly account for the use of the funds and (b) to get the most amount of forgiveness available to you. Marcum LLP can assist entities by providing guidance in documenting the use of funds, in order to mazimize accuracy and to make sure you are timely in your loan forgiveness documentation requirements.
Insights & News
SBA Task Force
Select the region to view contacts.