and expertise in PPP Loans.
PPP Loan Forgiveness Service
KROST can assist with First Draw and Second Draw loan forgiveness. To assist borrowers in ensuring they qualify for forgiveness, and to maximize the forgivable amount, KROST is providing a PPP Forgiveness Application Review Service. This will be undertaken as an Agreed-Upon Procedures service and will consist of:
- Reviewing the supporting documentation provided by the borrower
- Reviewing the calculations made by the borrower regarding eligible expenses, fulltime equivalent employees, and salary/ hourly wage reductions
- Independently calculating the computed values that are part of the forgiveness application, comparing it to the borrowers, and correcting any discrepancies
- Ensuring that the borrower has followed the SBA’s rules for forgiveness including the rules for safe harbor
- Creating a draft, filled-out, forgiveness application to be reviewed and signed by the borrower
- Creating an electronic binder - containing all the necessary documents and the signed forgiveness application – to send to the lender
Why Hire KROST to Review the Forgiveness Application?
Since the CARES Act passed into law in March, there have been new laws, multiple rule publications, and over 50 FAQs released by the SBA. KROST’s subject matter experts have kept up to date with these changes to ensure that its clients are abiding by these rules and using the PPP loan proceeds for permissible expenses.
KROST’s subject matter experts have been consulting with PPP borrowers throughout the process, beginning with assistance on loan applications and subsequently collaborating with clients to best use the loan proceeds to ensure the expenses are permissible and to maximize forgiveness. These same subject matter experts will perform the Forgiveness Application Review Service. Visit our PPP services overview page for more information.
What is the Paycheck Protection Program?
The Paycheck Protection Program, which was initially enacted as part of the CARES Act, provides forgivable loan assistance to businesses impacted by the COVID-19 pandemic. These loans are meant to incentivize businesses to keep employees on payroll. Since the CARES Act, additional funding has been provided, the rules have significantly changed, and the recently passed Economic Aid Act, provided a Second Draw PPP loan program. Businesses that received either a First or Second Draw PPP loan can apply for loan forgiveness as long as certain criteria are met. KROST's PPP experts can assist with the application, management, and forgiveness of a PPP loan.
What is KROST’s Track Record with PPP Loans?
To date, KROST has assisted more than 350 entities in obtaining and managing over one billion in PPP and EIDL loans. KROST has also developed a PPP Budgeting, Tracking, and Optimization Tool, used by more than 250 institutions, that tracks these expenses on an ongoing basis, automatically calculates the forgivable amounts, and computes all the fields necessary for forgiveness.
Download a Copy of our PPP Services Handout
Connect with our PPP Loans Experts
Questions in regards to PPP loans? Our dynamic team of experts are here to help. Contact us today to schedule an appointment.
Pasadena, CA. – KROST CPAs and Consultants, Los Angeles-based firm, receives two new accolades from Accounting Today, Top 100 Firms, and Fastest-Growing Firms in the U.S. KROST is a full-service certified public accounting and consulting firm serving clients across various industries in the areas of tax, accounting, consulting, assurance and advisory, M&A and capital markets, … Read More
On Tuesday, March 30th, 2021, President Biden signed the PPP Extension Act of 2021 into law. The Act, which passed on a bipartisan basis by the Senate on March 25th and by the House on March 16th, extends the deadline for Paycheck Protection Program (PPP) loan applications to May 31st, 2021. It was previously March … Read More
On Thursday, March 11th, President Biden signed the much-anticipated American Rescue Plan Act of 2021 into law. The $1.9 Trillion stimulus package expands COVID-19 relief for individuals, families, local governments, and businesses and includes direct payments and increased child credits. While the contents of the plan have been cause for much debate in the last … Read More
[Webinar] PPP 2021 Program – Updates on Loan Applications, Rule Changes, Eligibility, Forgiveness, and Interaction with ERTC
The PPP loan program is evolving fast with new rules on Second Draw applications, including a 2-week pause on companies with 20 or more employees and new calculations for sole proprietors. In addition, both the lenders and the SBA are reviewing, rejecting, and putting holds on many applications because of API errors, compliance failures, and … Read More
Since the CARES Act passed into law in March, there have been new laws, multiple rule publications, and over 50 FAQs released by the SBA regarding the PPP and EIDL loans. KROST’s subject matter experts have compiled a list of frequently asked questions below: Question: How are full-time equivalent employees calculated in the 2nd PPP? … Read More
Pasadena, CA. – KROST CPAs and Consultants, the Los Angeles based firm, has announced a new Principal, Stacey R. Korman, CPA, MST. Stacey has extensive experience in assurance & advisory and accounting services and since joining the firm she has led the accounting and audit departments. As an AICPA certified Fundamental Client Accounting Advisor, Stacey … Read More
[Second Session] PPP Second Draw Loan Program & the Revised Employee Retention Credit – Eligibility and Process Webinar
Paren Knadjian (Practice Leader, M&A, and Capital Markets), Stacey Korman, CPA (Principal), Sossi Bekarian, CPA (Senior Manager), and Jeff Kamin, CPA (Manager, Accounting, ERTC) hosted a second session on the PPP Second Draw Program & Employee Retention Credits webinar. They reviewed the details of the recently passed Coronavirus Response & Relief Supplemental Appropriations Act including: … Read More
[WEBINAR] PPP Second Draw Loan Program & the Revised Employee Retention Credit – Eligibility and Process
Paren Knadjian (Practice Leader, M&A, and Capital Markets), Stacey Korman, CPA (Principal), Sossi Bekarian, CPA (Senior Manager), and Jeff Kamin, CPA (Manager, Accounting, ERTC) will host a free webinar on the PPP Second Draw Program & Employee Retention Credits. They will review the details of the recently passed Coronavirus Response & Relief Supplemental Appropriations Act … Read More
On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. Section 311 of the Economic Aid Act added a new temporary section, 7(a)(37), … Read More
The SBA has opened the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. At this point, it is initially accepting First Draw PPP Loan applications from Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries. However, that will be broadened to include all lenders, and … Read More