PPP Forgiveness Application Starter Tips
We understand how important loan forgiveness is for the well-being of your business.
- Use 100% of PPP forgiveness funds on payroll (when possible). Payroll is the largest and most important component of loan forgiveness. When you’ve reached 100% forgiveness within the forgiveness application, there is no need to continue providing any additional expenses for forgiveness. This can include additional payroll costs or non-payroll costs. Providing extra forgiveness data takes considerable (and unnecessary) time for you to input and for the financial institution and SBA to review.
- Have payroll services?We’ve learned select payroll service providers are providing services to their clients for their forgiveness application. Ask your payroll provider if they offer this service. For example, Paychex is one of RCU’s preferred vendors who provides a free service to their clients that will auto-generate all the necessary information for the PPP loan forgiveness application with great ease and accuracy. We strongly recommend you use this service if you can. If you are a client of Paychex, the report members will want to request from Paychex is the PPP Forgiveness Application Report. All Paychex clients have the option to pull this report themselves within the Paychex Flex online system or they can request it directly from their Payroll Specialist. This will save you hours of time trying to figure out the complex calculations required. If you don’t currently have a payroll service provider, Paychex is offering a 25% discount to RCU Members on their services. To request for additional information from Paychex click here. Here are some other payroll services we’re currently aware of providing PPP forgiveness services: ADP, Gusto, Intuit and Quickbooks. If you are a client to any one of these payroll services, please reach out to your representative to inquire about their PPP forgiveness services.
- Consider discussing with your financial and/or tax advisor before applying for forgiveness.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content and materials on this site are for general informational purposes and are intended solely to help applicants navigate the requirements of the SBA PPP loan program.
Please be aware that additional guidance may be provided by either or both agencies at any time, and it may directly impact whether a loan is forgiven in whole or in part. Redwood Credit Union is striving to stay on top of further guidance as it is issued from the SBA. The information contained on this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program, including guidance issued by the U.S. Small Business Administration (SBA) on March 3, 2021. We will periodically update this information, so please check back often.
The information on this website may not constitute the most up-to-date legal or other information.