PPP Loan Consulting – Memphis Nashville (TN)
Tennessee PPP Loan Consultants
In the wake of the COVID-19 pandemic, the Paycheck Protection Program (PPP) was created to help businesses survive pandemic-related challenges. PPP is a federal loan program managed by the Small Business Administration (SBA) designed to provide needed funds to Memphis and Nashville (TN) businesses and organizations to keep their workforce employed during the COVID-19 pandemic. The loan program has increased in popularity since introduced last year as part of the CARES Act. This is because of the opportunity to receive 100% loan forgiveness. The PPP has been updated dozens of times to ensure maximum flexibility and currently allows you to apply for a first draw (PPP1) or second draw (PPP2) loan for your business, depending on the need.
Tennessee PPP Loan Data
2021 PPP Forgiven Count by Loan Size
Source: SBA PPP Report
Tennessee PPP Loan Forgiveness
To receive full loan forgiveness a borrower must meet certain criteria established by the SBA. This includes maintaining employee count and compensation levels, spending loan proceeds on employee wages and other eligible costs. In addition, the borrower must ensure that at least 60% of proceeds are spent on payroll expenses. While straightforward, there are complex calculations that must be made to determine the forgiveness amount. In addition, borrowers are required to provide extensive documentation to support the application.
Don’t Miss Out on Full Loan Forgiveness!
Adams Brown, Strategic Allies, and CPAs help Tennessee businesses and navigate the loan forgiveness process, including Memphis, Nashville and beyond. This includes assessing your situation and directing a path to maximum forgiveness. Services include:
- Forgiveness Planning – Careful planning both before and after the end of the covered period needs to be conducted to ensure expenses are properly allocated.
- Application Support – Compilation of the loan forgiveness application, detailed review of calculations, including essential variables such as full-time equivalent (FTE) employees, salary computations, rehire exemptions, and other factors impacting forgiveness.
- Compilation of Required Documentation – Collection of the required documentation including payroll records, relevant tax returns, full-time employee (FTE) equivalents, and other essential records.
- Turnkey Support – From initial calculations through application submission to approved loan forgiveness, our team stands with you each step of the way.
Let's Get Started
If you are interested in learning more about the PPP Loan consulting services offered to Memphis and Nashville (TN) companies, fill out the form below, and we’ll be in touch.
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