In order to determine which form to use there are tests regarding wages paid, employees kept, hours worked, and the effect of COVID on your business.  We will perform the tests and let you know if you need to make changes to qualify for the EZ form.  If you fail the tests, the longer, more comprehensive Form 3508 must be used.  This form is more costly and reduces your chance for full forgiveness.  As long as we start the process early enough, there are several workarounds built into the law that can help you achieve full forgiveness.  We know what these laws are and will work with you to get the most favorable outcome for your business.

To get forgiveness of your loan, you need to fill out one of two forms, depending on which one you qualify for.  Form 3508EZ is the “simpler” form, yet is still 7 pages long.  The long-form is 12 pages and even more complex!  It is very difficult to quickly learn what the forms are asking for if you have not been studying this program since day one as we have.  Additionally, there are 9 different certifications that you must agree to in writing.  If you cannot answer the questions correctly, you may have to repay part or all of the loan back to the bank.

We know how to make sure you are in compliance and have the best chance at complete forgiveness.  You will be the one who logs onto your lender’s website to submit the application, but you will be armed with our roadmap of exactly the answers you need to give and the documents you need to upload.  We guarantee those answers will be accurate, honest, and tested.  Your participation in this process will be cut down from hours to minutes.

Yes, but you have two choices.

First, you could spend many, many hours learning the terminology, the law, and the application itself.  This has been very difficult for bankers, lawyers, and CPA’s to understand, let alone the lay business person.  Due to the complexity of this program, even after spending all that time you still might not get it right.

Alternatively, you could just wing it and take a guess at the questions and answers.  This is a big risk considering that questions #2 and #6 of the Certification page use terms such as “fraud”, “criminal charges”, “up to 30 years in jail”, and “$1 Million penalty” for false statements.  This is very serious stuff to be guessing on, as well as the risk of making the funds no longer forgivable.

We don’t have to guess or take a lot of time because we have already put the time in to know what we are doing.

On March 13, 2020, President Trump declared the ongoing Covid-19 pandemic of sufficient severity and magnitude to warrant an emergency declaration for all States.  On March 27^th, the President signed the CARES Act to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.

A part of the CARES Act was the unique Paycheck Protection Program, which provides small businesses with funds to use up to 24 weeks on payroll, business interest, rent, and utilities.  Businesses have until August 8, 2020, to apply for and receive a one-time disbursement of funds, based on their prior-year payroll records.

The uniqueness of this program is the fact that the funds received by the business can be 100% forgivable if certain guidelines are followed.  After a business has expended all of their funds, they are immediately eligible to apply for forgiveness of all money that they received from their PPP distribution.  Any money that does not qualify for forgiveness turns into a 5 year, 1% repayable loan.

Our service exists to help as many small businesses as possible get 100% forgiveness.  We have been following the rules and (multiple) changes of the program since the very day it started.  We continue to monitor, learn, and even memorize the program rules to make sure small businesses have the best chance at the forgiveness that they desperately need during these difficult times.

The program uses the term “covered period”.  The day you received the funds is the first day of the covered period.  If you count 24 weeks from that date you will know the last day of the covered period.  After that date, you have exactly 10 months to submit the forgiveness application to the bank.  Then, the bank has 60 days to make a determination.  Subsequently, the SBA has another 90 days to determine if the bank was correct.  This whole process could take over 1.5 years from the time you got your money!

The rules do allow for you to file for forgiveness at any time during your covered period.  As soon as you think you have used all of your funds in the right way, we can get started!  Contact us immediately because if we determine you still need to make some adjustments, there will be time.