We know you are busier than ever trying to run your business and manage the ever-changing environment under COVID-19 mandates. We understand you may have an overwhelming desire to “be done with” the PPP loan and apply for forgiveness, but we ask that you continue to be patient with the process. There is still guidance needed from the SBA on several underlying parts of the forgiveness calculation. Many banks are just now starting to accept PPP forgiveness applications. We want to provide you with some information related to what we are currently doing at Mitchell Wiggins in order to respond to your needs.
Should I apply now?
There is legislation currently in Congress that may result in forgiveness of loans under $150,000 without submission of an application. It is unknown right now when or if that legislation will pass, but it likely will not happen before the end of September. We encourage businesses with loans less than $150,000 to wait another month to see if this guidance is issued. However, for those businesses who think they may be eligible to file the EZ application you may wish to apply sooner.
How can Mitchell Wiggins help me apply?
When you are ready, you can turn to us for help. Mitchell Wiggins has created a taskforce of staff at all levels who are ready to assist with the forgiveness process. We will review information and determine the best way to move forward. The procedures we perform will depend on specifically how much help you need. Please refer to this brochure of the two types of services we can provide and the associated fees.
Our firm has an account through the AICPA to automate the forgiveness process for our clients. The AICPA platform allows us to create a secure profile for each of our clients where we can upload payroll data directly from reports you provide and complete the forgiveness calculations. We can produce a fillable pdf application which can be e-signed by you and then submitted directly to your financial institution. If your bank has its own portal, you can take the application and re-enter the information for submission.
I’m ready to get started. What is my first step?
If you are interested in starting the process we ask that you follow this link to our secure website and submit the requested information. Someone will reach out to you within two business days to begin the process.
We are excited for the opportunity to help our clients with this important process. As a reminder you can always access any of our prior PPP communications by visiting https://mwcpa.com/services/ppp-guidance/.