DECISYS Releases Software to Support SBA PPP Loan Forgiveness
Summary
“And it’s not just the Borrowers that need to be concerned; Lenders are implementing procedures that focus on completeness of documentation and performance of necessary reviews in order to maintain any hold harmless status they enjoy.” Phillips added: “PPPfast insures accurate, clear and auditable documentation necessary to assist our clients and their Lenders with compliance during the complicated times.” WORKFORCE ANALYSIS & COMPLIANCE The primary goal of the Paycheck Protection Program is to protect jobs and wages. The SBA’S forgiveness guidance seeks to ensure that at least 60% of loan expenditure goes to payroll and that Borrowers maintain their workforce and compensation at the same level as the beginning of 2020 or at an alternative time frame in 2019. PPPfast powered by DECYSIS provides the backbone required to support accurate calculations and management of the SBA rules concerning the amount of loan proceeds that may be converted to a tax-free grant. The PPPfast software helps Borrowers organize this data while providing guidance and decision support on workforce and expenditure management to maximize eligibility for forgiveness within the guidelines established by the SBA. “Checking in with clients, we know that restarting their businesses is consuming all of their time,” says Kim Phillips, Founder and CEO of BenefitScape, a leading workforce analytics and compliance provider “The outsourcing option, where a DECISYS analyst, using the PPPfast software, prepares all the required schedules and provides guidance support is a very attractive offering for our clients.” Kim noted “We look to these partnerships to help our clients obtain as much tax-free loan forgiveness as possible, with the least disruption to their already stretched staff.