and expertise in PPP Loans.
PPP Loan Application
KROST can assist you to obtain a First Draw and Second Draw Loan. We can assist with the loan calculations and the supporting documentation required.
PPP Loan Management
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.
PPP Loan Forgiveness
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.
What is KROST’s Track Record with PPP Loans?
To date, KROST has assisted more than 350 entities in obtaining and managing over $500 million 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 Loan Forgiveness Review Service (Borrowers) 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.
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
Register for Upcoming Webinar with the CRA: PPP Second Draw Program – Rules for Eligibility and Forgiveness
Jean Hagan (Principal, Restaurant / Business Management) and Paren Knadjian (Practice Leader, M&A, and Capital Markets, PPP Forgiveness) are hosting a free webinar with the California Restaurant Association (CRA), on the PPP Second Draw Program. Join our restaurant accounting and consulting experts on Thursday, January 14th at 10AM PT as they provide an in-depth look … Read More
Register for Upcoming Webinar – PPP Second Draw Program & Other Key Provisions of the COVID-19 Relief Bill
Jean Hagan (Principal, Restaurant / Business Management) and Paren Knadjian (Practice Leader, M&A, and Capital Markets, PPP Forgiveness) are hosting a free webinar with Kristi Turner, CMO of Compeat Restaurant Management Software, on the PPP Second Draw Program. Join our restaurant accounting and consulting experts on Wednesday, January 13th at 1PM CT as they provide … Read More
As previously reported, the $900 billion COVID-19 stimulus Bill contains an additional $284 billion for additional PPP loans for small businesses, referred to as Second Draw Loans. Some of the new rules and rule changes apply to both the Initial and Second Draw PPP loans. Below are the details of the Bill, with respect to PPP … Read More
Congress reached an agreement late on Sunday, December 20th, for a $900 billion stimulus package. The Bill is expected to pass the House and Senate and be signed into law by December 23rd. The full text of the Bill has just been released and we are reviewing the details. Meanwhile, below are the highlights of how … Read More