PPP Loan Management Service
Once you have received your loan, KROST can help with your budget and plan the use of PPP loan proceeds, on a month-by-month basis, to maximize forgiveness. This includes detailed staff planning, minimizing loan forgiveness reductions, and ensuring non-payroll related costs are eligible and remain within the allotted percentage.
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.
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