Paycheck Protection Program Software
The CARES (Coronavirus Aid, Relief, and Economic Security) Act includes a provision called the Paycheck Protection Program. It is administered by the Small Business Association in conjunction with lending institutions, such as your local bank.
The Paycheck Protection Program (hereafter referred to as PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. As a part of the PPP, the loan can be converted to a grant that does not have to be repaid if the funds are spent on qualified payroll and other expenses during a specified period.
The Small Business Administration (SBA) has released a Loan Forgiveness Application document (revised June 16, 2020) that we have used as a guide to create this software application.
It is anticipated that the majority of business that received PPP loans will apply for loan forgiveness, which must be applied for through the bank or lending institution where the loan was secured. Loan forgiveness is available to all businesses provided the loan proceeds are used for payroll and other qualified expenses; however, we quickly realized that the Loan Forgiveness Application is quite complex and the data required to complete it required significantly more than just a few spreadsheet entries.
While the Loan Forgiveness Application itself only consists of two forms, and the instructions to complete the form are only 12 pages long (including the 5 pages in the forms set); understanding and applying the guidelines found in the instructions can be extremely difficult to follow in order to complete the Loan Application forms.
You can easily spend an excessive amount of time reviewing the loan application guidelines and instructions, and then spend even more time reviewing the numerous articles that have been written that provide further guidance.
The PPP Stimulus software application simplifies this process in a number of ways.
First, PPP Stimulus provides continuity to the process of gathering the information needed to complete the Loan Application form.
Next, PPP Stimulus generates the required spreadsheets that would otherwise need to be created manually that contain information that is included in the Loan Application form.
In addition, PPP Stimulus allows linking supporting documents to your qualified expenses so they are easily accessible should your PPP Loan Application be selected for audit.
Finally, since the data used to support your Loan Application has to be retained for 10 years after it is submitted for loan forgiveness, the PPP Stimulus program will be able to provide the necessary documents at any time should the originals get lost or misplaced.
If you value your time, then the $99 invested in the single client version of PPP Stimulus may be the best investment you make in 2020. If you will be maintaining records for more than one entity or completing this work for your clients, you can purchase a multi-company version of PPP Stimulus for $499.
PPP Stimulus does not have an expiration date so there is no annual upgrade fee and updates are provided on an as needed basis without any additional cost.
The Home screen for PPP Stimulus is the starting point for the program. From here, you can add or edit employees, vendors, expenses, and paychecks, or print reports.
PPP Stimulus MultiClient provides a File Manager that you can access directly from the Home screen, giving you easy access to all of your company files. The File Manager allows you to create new company files, rename existing files, and even delete files that are no longer needed.
Easy to use data entry screens are provided for entering employees, vendors, expenses, and pay checks.
PPPStimulus Reporting will print the Loan Forgiveness Application, PPP Schedule A Worksheet - Table 1 & 2, and Table 1 - Hourly/Salary Wage Reduction. In addition, employee, vendor, expense, and pay check reports can be printed.
You can use our import options to add employees and paychecks rather than manually entering this data.