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 the answer is yes to any of the above questions, we can help. Millions of businesses applied for the Paycheck Protection Program Loans offered by the government due to the CARES Act signed into law in March 2020. Many small business owners need help correctly using the proceeds and applying for forgiveness to reduce the payback amount. PPP Loan Forgiveness Assistance
Optimizing Forgiveness to Reduce Repayment
Your business must track the PPP loan proceeds and the subsequent spending carefully. There are strict and complex rules on exactly how companies can use the money. 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 most straightforward form to follow, and many small business owners find 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. However, there are many unanswered questions, and that’s why it makes sense to reach out to a professional.
Substantial Consequences: Penalties and Jail Time
There are extreme penalties for failing to comply with the requirements of these loans, not the least of which is jail time.
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 or assistance completing the forgiveness application, we can help. Just reach out to us via email or phone anytime.