Hilltop can assist your bank with the PPP Applications for Forgiveness and setting up the remaining loan as follows:
- Calculate the PPP loan amount: Hilltop can review your bank’s calculations of the final loan amount and forgiveness or we can prepare and calculate the PPP loan amount as well as help you with the U.S. Small Business Administration (SBA) guidance on how to calculate Paycheck Protection Program (PPP) loan amounts by business type.
- Borrower Planning and Forgiveness Calculation: We can assist your borrowers with determining the best use of their loan proceeds and help them maximize their loan forgiveness. Our PPP team will use an application that calculates the loan forgiveness and final loan balance or we can use any PPP application that your bank has decided to use.
- Non-Payroll Expense Tracking: We will review the allowed expenses for the forgiveness calculations.
- Supporting Documentation – Hilltop will review payroll reports and other necessary documentation (rent/mortgage payments, utility payments, etc.) that supports the calculations that are made for the forgiveness.
- Employee benefits: Hilltop can assess whether the supporting documentation for the borrower’s employee benefits (health insurance, dental insurance, and health savings account contributions) are properly included in the forgiveness and loan amount calculations for PPP.
Hilltop Advisors, LLC has a proven track record of helping financial institutions prepare for regulatory exams and compliance assessments. There are many questions in handling the PPP loans but our team has very strong lending experience and regulatory compliance (including having contacts at SBA to provide access). If you need assistance with the PPP loan application or Application for Forgiveness – please reach out to any of our senior team.
