As we continue to work through the various aspects of the CARES Act and related PPP loans, many of you have been asking about the forgiveness components of the loans. We are here to help you plan for the coming weeks by offering our assistance and some tools for navigating the forgiveness portion of the PPP Loans. We know that you will be balancing decisions that are best for your business along with ways to maximize loan forgiveness. The Walz Group has experts ready to handle your requests and needs as you plan for and eventually calculate forgiveness. In the short-term, that may be calculating full-time equivalent employees for applicable periods that have passed. In the long term, it may include helping you with the calculation of specific amounts when you apply to your lender for loan forgiveness.
As you start to think about forgiveness, know that we have the following resources available:
- A “Simple” spreadsheet that allows for various scenarios and high-level planning for forgiveness
- A “Complex” spreadsheet that dives into nearly all the details of the Act in calculating a forgiveness amount.
* Please note that these files are for planning purposes and in some cases involve our interpretation of law as it is currently written. We are constantly receiving additional clarification on aspects of the Act and will pass these details along as they become available.
We hope to have an SBA-provided application for loan forgiveness in the coming weeks. We also anticipate that the SBA will be providing additional guidance concerning loan forgiveness in the coming days.
Please reach out to any Walz Group Principal or Team Member with questions or to obtain access to the spreadsheet files.