The Paycheck Protection Program (PPP) is intended to offer businesses hurt by the COVID-19 pandemic economic assistance with completely forgivable principal. But to get that full loan forgiveness, recipients must navigate a process with complex rules and calculations, and any forgiveness application errors, documentation missteps, and other lapses mean exposure: A risk of leaving some PPP loan forgiveness on the table.
If you or your business received a PPP loan, CohnReznick is here to assist you with navigating the forgiveness process and calculation. The organization offers customized assistance with PPP loan forgiveness consulting and support, as well as agreed-upon procedures (AUP) engagements.
It can provide the following services to help ensure proper governance through the PPP loan forgiveness process based on your businesses’ individual needs:
PPP loan forgiveness consulting
Gain confidence that the complex PPP forgiveness calculations have been done correctly, with the right methods. Customized to your needs, the consulting services help support your application and optimize your forgiveness, taking into consideration such items as eligible payroll and non-payroll costs, optimization and calculation of full-time equivalent employees (FTEs), salary computations, rehire exemptions, required documentation, and other items relating to the forgiveness calculation.
Agreed-upon procedures (AUP) engagements
Acting in accordance with the American Institute of Certified Public Accountants (AICPA) guidelines, the 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.
If you’re interested in learning more and reaching out to the CohnReznick team, visit the website here.