UPDATE | PPP LOAN FORGIVENESS

Client Memo

To: All Clients

From: Jason Halsey - CFO / General Counsel

Date: April 22, 2020

Re: PPP Loan Forgiveness – Will my loan be forgiven? 

Integrity HR Management is proud to have worked closely with our clients over the last several weeks to provide the level of detailed payroll reporting to secure funding under the PPP Loan program. Our Client Services team has worked tirelessly to ensure payroll reporting was provided to our clients and their banking institutions.  Many of our clients have been approved for these loans and are now faced with the uncertainty of the loan forgiveness opportunity. You are not alone, businesses around the country are scrambling to understand the requirements of the loan forgiveness element of the program.  

In an effort to provide payroll details and reporting to our clients, we have created a process to help facilitate loan forgiveness compliance.  In summary, we are asking for the following information from our clients:

-       What billed line items from your invoice would you like to identify as a forgivable payroll cost? ie. Gross Wages, Worker’s Compensation, Health Benefits, etc. 

-       Would you like the funds for these payroll costs to be drawn from a separate bank account?

The details of the loan forgiveness element of the PPP have not been fully developed.  Many banks are struggling to understand the guidelines and have provided conflicting information to our clients. We are recommending that our clients consult with their banks and seek accounting and legal advice if necessary. 

Integrity HR Management is committed to providing our clients the customized payroll reporting needed to expedite and assist in the loan forgiveness process.  We look forward to working with you through these difficult times.