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02.28.20

VIEWpoint Issue 1 | 2020

11.15.19

VIEWpoint Issue 3 | 2019

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The COVID-19 pandemic turned the U.S. economy upside down, sending many businesses into a panic to pay its employees and keep its doors open. Fortunately, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Paycheck Protection Program (PPP) to keep workers on payroll during the pandemic and pay for needed business expenses.

Given the quick rollout of the first and second-draw PPP loans, and the unprecedented nature of the loan forgiveness application, accounting for a PPP loan is a complicated and tedious process. Instead of trying to interpret the application and forgiveness process on your own, Doeren Mayhew’s PPP accounting services help you to navigate the uncertainty of PPP loans. Our CPAs and advisors are well-versed in the full PPP lifecycle, from application to loan forgiveness.

PPP Accounting Services

Doeren Mayhew’s PPP accountants take a comprehensive approach to accounting for your loan, including:

  • Conducting a diagnostic review of your second-draw PPP loan application, as well as your PPP loan forgiveness application, to determine its accuracy.
  • Analyzing the spending of PPP loan funds, creating a projected model of your PPP loan forgiveness amount and offering insights on how to maximize your loan forgiveness.
  • Evaluating any applicable salary and/or wage reductions and full-time equivalent (FTE) staff reductions.
  • Offering guidance on the documentation required for loan forgiveness to your lender and retention best practices.
  • Performing an accounting methodology analysis for loan forgiveness.

Whether you are applying for a new round of funding or attempting to navigate PPP loan forgiveness, Doeren Mayhew’s PPP accountants are here to help. Contact us today to get started.

PPP Resources

Recent PPP VIEWpoint Articles:
Consider Your Accounting Options for Booking PPP Loan Forgiveness
SBA Guidance Released on Second Draw PPP Loan: What You Need to Know
IRS Releases PPP Deductibility Guidance in Wake of Stimulus Legislation
PPP Loan Audits: What to Know and How to Appeal

On-Demand PPP Webcasts:
New COVID-19 Stimulus Package: Key Areas Businesses Should be Aware of

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