LUTZ + CORONAVIRUS (COVID-19) RESOURCE CENTER

CARES ACT OVERVIEW

Congress has officially passed the Coronavirus Aid, Relief, and Economic Security Act, otherwise known as the CARES Act. The mission of this bill is to provide emergency and health care assistance to individuals, families, and businesses affected by the 2020 coronavirus (COVID-19) pandemic. Below is a summary of resources regarding the CARES Act for both businesses and individuals. We will update information as it becomes available:

FOR BUSINESSES & SELF-EMPLOYED INDIVIDUALS

FOR INDIVIDUALS

As every business situation is different, it’s important to be sure you are applying for the correct loan(s). For more information please reach out to your Lutz representative or call us at 866.577.0780.

6.16.20 PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS | WEBINAR

The Paycheck Protection Program (PPP) is designed to provide a direct incentive for small businesses to keep their workers on their payroll by offering financial assistance through a loan. As helpful as this program has been, business owners nationwide are struggling to understand the loan’s forgiveness policy and regulations. In this presentation, Bill Kenedy, Michael Greteman, and Mark Otte will cover calculation tips, as well as how to optimize and attain forgiveness.

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PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS SERVICES

Are you having trouble with all of the calculations related to PPP loan forgiveness? Are you concerned about how to properly complete the forgiveness application and organize information required for forgiveness?

LUTZ HAS A TEAM OF PROFESSIONALS DEDICATED TO ASSISTING BUSINESSES WITH THE COMPLEX AND STRESS INDUCING REGULATIONS.

STANDARD PROGRAM

A Lutz PPP team member will assist you with your questions related to the forgiveness calculations and review your calculations based on an hourly rate of $300/hr. A Lutz developed Excel spreadsheet will be provided upon request to assist with the calculations. Total fees will vary based on the number of employees, changes to FTE’s during the specified time frames, and each business’s ability to complete the spreadsheet.

PLATINUM PROGRAM

The services provided will be an Agreed-Upon Procedures (AUP) engagement, where Lutz will complete the forgiveness application and related calculations for the Borrower. The services will include a formal report describing the work performed. Lutz will request the information required for the forgiveness application per SBA guidance and calculate the loan forgiveness amount along with any required forgiveness reduction calculations. The application, loan forgiveness calculation, and supporting documentation will be compiled into a report for the Borrower to submit to their Lender.

TIMELINE OF SERVICES

The PPP loan forgiveness calculations cannot be fully completed until after June 30, 2020 unless there has been no reduction in FTE’s. Therefore, most reports will not be finished prior to that date. However, in June based on loan funding dates, a member of the Lutz PPP team will begin working with Borrowers to begin gathering the data that is required to perform the calculations. We anticipate having all AUP reports completed in July.

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