Assistance with PPP Loan Forgiveness
Did you receive a Paycheck Protection Program loan from the SBA?
Are you worried about how to spend your loan proceeds so that you can optimize the forgiveness amount?
Are you confused about how (or when) to complete and submit the PPP Loan Forgiveness application (SBA Form 3508)?
If you answered yes to any of the above questions, we can help. Millions of businesses applied for the Paycheck Protection Program PPP Loan offered by the government as a result of the CARES Act signed into law in March of 2020. And many of those small business owners now need help to correctly use the proceeds and apply for forgiveness in order to reduce the amount of the loan that needs to be paid back.
Optimizing Forgiveness to Reduce Repayment
The PPP loan proceeds and the subsequent spending must be tracked carefully as there are strict and complex rules on exactly how the money can be used. And Congress, the Treasury, the Small Business Administration, and the IRS keep changing the rules every week with new conflicting guidance!
SBA Form 3508 is not the easiest form to follow, and many small business owners are finding that it’s just as complex as a typical tax form.
We’ve helped dozens of clients through the process, and we’re happy to help you. There are many unanswered questions from the guidance that has been published, and that’s why it makes sense to reach out to a professional.
Strong Consequences: Penalties and Jail Time
There are very strong penalties for failing to comply with the requirements of these loans, not the least of which is jail time. Already, people have been arrested for spending loan proceeds outside of their intended and approved use.
The government is serious about using this money for what they intended: to reduce unemployment and to preserve jobs.
If you need help setting up tracking for spending of the loan proceeds, or if you need assistance completing the forgiveness application, we can help. Just reach out to us via email or phone anytime.