PPP Forgiveness Projection Wizard
PPP forgiveness on your mind?
You’re not alone. Millions of businesses across the country received loans under the Paycheck Protection Program (PPP), keeping them afloat during the continuing COVID-19 economic instability. Now, as employers are starting to emerge from their PPP “Covered Period,” many are wondering where to begin the loan forgiveness process.
Relax – you’ve got Viventium’s PPP Forgiveness Projection Wizard.
Even before you’re ready to start crunching your numbers and filling out forms, Viventium’s PPP Forgiveness Projection Wizard can give you the foresight to know where you stand. Our projector guides you through a series of questions and provides explanations for any PPP forgiveness lingo you may not yet be familiar with. Simply follow the questions to enter some basic information about your company and the PPP loan you received, click submit, and our projector will provide you with an estimate of the numbers you may expect to see once you submit your actual forgiveness application.
With Viventium’s PPP Forgiveness Projection Wizard, you can:
- Compare outcomes based on whether you select an 8-week or 24-week Covered Period;
- Choose to compute forgiveness using a regular Covered Period or an Alternative Covered Period;
- Compare the impact of salary or FTE reductions on your loan forgiveness potential; and
- Gain insight on where you stand currently with PPP forgiveness to determine what changes you may want to make to improve your numbers.
Every employer’s PPP forgiveness journey is unique, so every employer deserves the flexibility they need to determine their best path. Viventium’s PPP Forgiveness Projection Wizard allows you to customize your projection to get a result that is both relevant and informative. Please keep in mind that this tool is a guide and not to be interpreted as tax or legal advice.
To use this free tool, check out our COVID-19 Solutions page, where you’ll also find information on our full suite of products and resources, which provides critical support during the current pandemic and is available for no additional charge in 2020 to all clients using our payroll product.