Calculating loan forgiveness with multiple variables and changing criteria is complicated and difficult to navigate.
The Paycheck Protection Program (PPP) created significant confusion with regards to repayment on loans. The advisors at Albin, Randall & Bennett, CPAs have created a reporting solution that allows companies to calculate how much of the loan is expected to be forgiven despite the complications in the legislation.
Manually extracting data is challenging and time-consuming.
Olsen Consulting has the expertise to help Vista by Viewpoint users extract the relevant data needed for PPP loan forgiveness in an easy, automated and auditable format. If rules or legislation change, this solution can be easily updated to match the new calculations and data requirements.
Customized Data Extraction & Reporting Integration
This is a customized PPP reporting solution that allows Vista by Viewpoint users to prepare applications for forgiveness using Excel capabilities that will extract data from vista, calculating accurate application information.
We can calculate a quick sum and see which FTE calculation (simplified or actual) is most advantageous for loan forgiveness.
Need to make a change?
If you need to make changes to the logic used to pull the data from your system (e.g. include/exclude COVID Earn Codes), you simply make the change in Vista and
refresh the spreadsheet. Done!
There are many date ranges and all can be easily specified and changed if needed and pulled automatically into the workbook.
Here's an example of how this could look when you start building it out. Select your company and payroll group and all the dates come in automatically and you'll have all the steps calculated for you
Construction Software & Accounting Expertise
Olsen Consulting has collaborated with Albin, Randall & Bennett, CPAs to help Vista by Viewpoint clients submit their loan forgiveness application with confidence.
Olsen's Consultants help you implement loan forgiveness calculation software.
Certified Professional Accountants provide assistance in preparing the SBA loan forgiveness application.
The Maynard Man, Nashville Plumber & HVAC Company
Control Tech, Electrical & Instrumentation Services, Canada & USA
Frequently Asked Questions
How long does it take to manually gather data for loan forgiveness?
Currently, there are no reports in Vista to answer the questions for loan forgiveness. Without the correct tools for automation, you manually run a series of existing reports and export them manually. Then you organize, summarize and analyze the data. This data can be tens of reports and thousands of pages.
What happens if rules or legislation for forgiveness change?
Without a customized, automated tool, you will have to re-do all the manual work you had done to prepare.
What happens if you need to verify your data?
Again, because you are not able to re-create the work, you may have to re-do all the preparation in order to verify your loan forgiveness data.
Are you prepared for an audit?
Without a standardized, automated approach, you are not able to re-create the work you have done in a time-effective way. The hours and costs of an error or audit can be astronomical. Using this PPP Data extraction tool, you will be well-equipped for preparation in the case of an audit.
Are you 100% sure that you have maximized forgiveness?
If you have not calculated 100% forgiveness, then are you sure you are not leaving money on the table? This tool will maximize loan forgiveness and save you money with its streamlined and standardized approach for data extraction and calculations.
Costs of error & Impact of missed statements
"Obtaining a PPP loan was not without risk, and the representations and certifications required to obtain PPP loan forgiveness could expose companies to liability under the False Claims Act (FCA)."
In addition to using this Vista PPP Data Extraction tool, we advise using ARB CPA's expertise to ensure compliance standards are met when submitting your PPP loan forgiveness application.
When do I need to complete and submit my forgiveness application?
You have up to 10 months after your covered period ends to apply for forgiveness.
When do I need to start repaying my loan?
You aren’t required to start making loan repayments until your forgiveness decision is determined. When repayment does begin, any loan amount that is not forgiven will need to be repaid, along with a fixed annual interest rate on the amount not forgiven.
Note: if you do not apply for forgiveness, your business will need to start repaying its loan within about 16 months of receiving the funds.