Our Mueller COVID-19 Response Team is offering Paycheck Protection Program (PPP) Forgiveness Application Processing Services to Banks that provided PPP loans. If you are a lender or have relationships with lenders, we would like to set up an informational call to provide insights gained over the past few months of the CARES Act consulting and to discuss how we can help.
Mueller can function as a de-facto back office to support your team and we will tailor/design a process that is specific to your needs. Our team will establish a process whereby your customers will securely upload their forgiveness applications directly to us or we will coordinate a process to obtain the information from you as borrowers upload their information to the bank. We will use a secure file transfer service called Sharefile to request and obtain documentation seamlessly.
From there, we will review and package the applications for you to include:
Borrower certifications from the loan forgiveness application
1.Review that documentation provided supporting payroll and non-payroll costs meets the requirements in the loan forgiveness application
2.Confirm the calculations made related to:
- Compensation amounts on lines 1, 4, 6, 7 and 8
- Non-payroll amounts on lines 2, 3 and 4
3.Confirm that the calculation on line 10 was performed correctly
4.Make a recommendation to approve (in whole or in part) or to deny
In the event the borrower does not provide sufficient documentation, we will communicate with the borrower or coordinate with your team to obtain the necessary support.
We estimate an average turnaround time of 24-48 hours. In the event third party documentation is not available, a more extensive review will be required.
If the bank has sufficient staff to process the forgiveness applications, we offer our team to act as a resource to your borrowers to assist them with preparing the forgiveness application materials for submission to the bank. In this case, our relationship is with the borrower and our fee arrangement is directly with them.
Finally, if your bank has the resources to handle the additional work associated with evaluating the forgiveness applications, we can help you manage the risk associated with these loans by performing a review of a sample of the applications.
Brian Sullivan, CPA
Partner & COVID-19 Response Team Lead