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Paycheck Protection Program

The Paycheck Protection Program (PPP) offers rapid financial support to businesses with fewer than 500 employees. Loan forgiveness is dependent on the business providing documentation that the funds were spent on allowable expenditures during the eight weeks after the funds arrive.

Understanding the path to loan forgiveness is a key aspect of the loan process.

The Basics

  • Employers with fewer than 500 employees in a location can qualify for an SBA loan of up to $10 million
  • Loan amount is based on historical  average monthly payroll
  • Loan recipients are eligible for forgiveness of a portion of loan principal, based on eligible costs incurred

Documenting the requirements around employee retention and the way the funds are spent will be critical to achieving loan forgiveness.

How Frazier & Deeter can help

Frazier & Deeter can help you with understanding the PPP and other relief programs, planning fund allocation according to program guidelines and providing third-party verification that your business meets the criteria for loan forgiveness.

 

PPP Consulting

Frazier & Deeter’s FD CARES Act Program is staffed by a team of former bank audit executives, auditors and tax professionals who understand SBA loans and the requirements of the Paycheck Protection Program. We will help you understand the program so you can make informed decisions.

$300 minimum for consultation.

Spending Plan Modeling

Frazier & Deeter uses our proprietary modeling tool to help you plan fund allocation according to program guidelines starting upon arrival of funds.

Our team monitors guidance being issued so your spending plan reflects “new news” regarding loan forgiveness as clarifications are announced by the SBA.

Forgiveness Verification

Our team monitors guidance being issued so your spending plan reflects “new news” regarding loan forgiveness as clarifications are announced by the SBA.

We provide a written report expressing our opinion on your PPP loan forgiveness calculation which you will provide to your bank.

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