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After the COVID-19 pandemic sent the U.S. economy into a downward spiral, many Michigan businesses fought to keep its doors open and their employees paid. Luckily, the Coronavirus Aid, Relief, and Economic Security (CARES) Act developed the Paycheck Protection Program (PPP) to keep employees on payroll and allowed business owners to pay for necessary business expenses.

With the quick implementation of the PPP, coupled with the learning curve of filing a loan forgiveness application, many Michigan business owners are left asking questions like “how should I book my loan forgiveness?” and “how much of my business expenses will be forgiven?” Instead of navigating the loan forgiveness process alone, Doeren Mayhew’s Michigan PPP accounting services help you make informed decisions. Our tax advisors and CPAs are highly knowledgeable in the PPP loan’s lifecycle, from the application to loan forgiveness, and can offer you insights to maximize your loan forgiveness.

Michigan PPP Accounting Services

Doeren Mayhew’s Michigan PPP accountants take a thorough approach to accounting for your loan, assisting you with:

  • Evaluating the spending of your loan proceeds and offering strategies to maximize your loan forgiveness.
  • Creating a prediction of your PPP loan forgiveness amount.
  • Documenting threshold calculations to be both submitted with any initial applications and forgiveness applications.
  • Determine any related tax credits you may be eligible for.
  • Assistance in determining the best accounting methodology for the PPP loan.

Doeren Mayhew’s Michigan PPP accountants are here to help you navigate PPP loan forgiveness to boost your bottom line during these unprecedented times. Contact us today for more information.

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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