Boyer & Ritter’s Business Relief Advisory Services includes support for round two of PPP loans
The most recent legislation affecting the Payroll Protection Program (PPP) provides an opportunity for eligible hard-hit borrowers to receive a second PPP loan. The loans are available to entities with a 25% reduction in gross receipts and are for borrowers with fewer employees than 300 employees.
Using a portal (CPA Business Funding Portal) designed by the country’s leading accounting association, Boyer & Ritter is prepared to help businesses and nonprofits seeking a second loan under the new Payroll Protection Program (PPP2).
Developed by the American Institute of Certified Public Accountants (AICPA), the new portal produces all government forms required to apply for a PPP2 loan, supports calculations on payroll and other expenses, and produces a master report with the applicant’s electronic signature.
Additionally, for clients looking for a bank to process their PPP application, lender Biz2Credit, partnering with the AICPA, will accept the finished applications on its electronic portal, speeding the application process. Biz2Credit funded more than $1B of first draw PPP loans.
“It’s safe to say, AICPA has been laser focused in making sure firms are ready for this second round of loan applications so we can assist in making funding faster for clients,” said Robert Murphy, Principal and CEO of Boyer & Ritter. “This portal allows us to more efficiently prepare a client’s PPP application, which they can submit to a lender they choose or ask us to submit the loan package to Biz2Credit.’’
Boyer & Ritter became nationally known as a trusted source during the first round of PPP funding after releasing a PPP loan forgiveness planning workbook and follow-up webinars that covered all aspects of applying for loans and process of seeking forgiveness.
However, the latest round of PPP funding has new guidelines relating to applying and seeking loan forgiveness that our Business Relief Advisory Services team will assist you in understanding.
Working with a trusted business advisor knowledgeable with PPP is more critical than ever because the federal Small Business Association has adopted more controls and verifications. Incomplete or inaccurate information could result in a longer processing time or even having your application returned.
Additionally, with the new portal and Boyer & Ritter’s expertise, clients have the confidence of knowing they have the correct information and paperwork assembled, giving them confidence of having their PPP application approved and funded quickly.
Keep in mind that PPP loans are specifically targeted for smaller businesses and nonprofits struggling to make payroll and keep the lights on and doors open. Remember, part of the PPP loan program requires organizations to certify that “current economic uncertainty makes this loan necessary to support the ongoing operations of the applicant.”
Additional eligibility requirements include:
- A 25 percent decline in gross revenue in any quarter in 2020 compared to the same quarter in 2019 and have less than 300 employees at any location.
- Loan amount of up to 2.5X the average monthly payroll for 2019 or prior trailing 12 months (maximum of $2 million).
- Restaurant/hotel exception (NAICS code 72):
- May receive loans of up to 3.5X average monthly payroll.
- Small 501(c)(6) organizations that have 300 employees or less and meet certain restrictions on the percentage of lobbying activities.
“If your company is still financially struggling because of the pandemic, we urge you to contact a Boyer & Ritter Business Relief Advisory Services team member so we can help you evaluate your eligibility for a PPP loan. If you do qualify, we can start working with you on gathering key documents and putting together your application,’’ Murphy said. “The SBA is already accepting new PPP applications, so the time to act is now.’’