Items to Consider As You Begin Loan Forgiveness Process

Posted on Wednesday, October 21, 2020

Since the Paycheck Protection Program was first rolled out, DWD has been researching and monitoring the rules and regulations surrounding the program.  We are happy to be a resource for you as you work through the loan forgiveness process.

We would like to point out some key items as you begin the loan forgiveness process:

• Contact Your Lender. Before starting the loan forgiveness process, please touch base with your lender.  Some lenders have specific forms and spreadsheets to fill out while other lenders will simply ask you to provide your own supporting documentation.

• Consider Having Your CPA Review The Application And Support Documents.  If you are comfortable with preparing your loan forgiveness application and the supporting documentation on your own, feel free to move forward with the process with your lender.  If you would like DWD to review your loan forgiveness application and supporting documentation before you submit it to the lender, we are happy to do so.

• DWD Can Assist In Reviewing And Calculating Information.  If you are not comfortable with preparing your loan forgiveness application and the supporting documentation, DWD can assist in calculating the information for you.  While we can not actually complete the loan forgiveness application, we can assist you in getting all the necessary information calculated.

• Professional Fees. Given the unique nature of this work, our services will be billed at our standard hourly rates.  We will take a cost-sensitive approach to each situation, looking to be as efficient as possible while also being thorough and ensuring maximum loan forgiveness.

• 100% Loan Forgiveness. If you decide to complete the loan forgiveness application and supporting documentation on your own, be sure that you have maximized loan forgiveness.  With all the subsequent changes to the Paycheck Protection Program, almost all borrowers should qualify for full loan forgiveness.  If you find yourself calculating something less than 100% loan forgiveness, please reach out to DWD to make sure your loan forgiveness application is accurate.

As always, if you have questions while moving through this process, please do not hesitate to contact your DWD advisor.  We are happy to help!

Posted in Tax And Accounting Topics For Business

Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.