As you prepare to file for loan forgiveness, be sure that you have the resources you need to successfully complete the process. Our team at Meaden & Moore has developed example applications and supporting calculations (using the AICPA calculator with some modifications as the starting point) to use as a reference point when filling out your own applications.
We believe that seeing a completed example with supporting calculations is helpful when you begin to fill out your own application and make decisions about what costs to include, how many weeks to use, etc. This example familiarized us with filling out the supporting calculations and the forgiveness form so we can provide you with top-notch assistance. The following resources are available for download:
We included versions that use an eight-week covered period and another with a twelve-week period with the same basic information to highlight the difference in forgiveness if you include an additional 4 weeks. We’ve also prepared a twenty-four-week example with only 10 out of 60 employees remaining after 16 weeks to show the impact additional payroll costs can have on offsetting the FTE reduction penalty.
The calculator also doubles as support for your application, as it will be where you accumulate a lot of the information you need to submit along with the application.
In addition, we’ve also included the application instructions and a documentation checklist developed by our team so you can ensure that you have all the required documents ready to submit. If you have any questions or would like to be walked through these forms, please contact us after downloading them.