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. See below for more details.
PPP Loan Services
PPP Loan Application Assistance
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. » Learn more
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. » Learn more
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 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 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.
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