Assisting clients with PPP loans

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#1
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Hi all, hope tax season is going well for everyone. Just wondering why I havent seen any discussions anywhere on this forum about PPP forgiveable loans. Are us Tax Pros not actively reaching out to our small business clients regarding the PPP? Wouldnt PPP loan assistance be a good additional revenue source for us? Or most tax pros cant/dont want to take this work on? Just very surprising. Any thoughts? Kind regards, Will
 

#2
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Most of the assistance I provided was back in the spring of last year. I have had some go for the second draw, but after working with them with the first one, they have pretty much handled the second on their own. Right now, I don't know of many that have additional time to assist with this due to the tax deadline.
 

#3
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I did a remote session with one client that couldn't figure out the PPPL2 application and document needs. That is the only one I have truly assisted with; others were answering basic questions or providing payroll records.

Forgiveness...for a reason I cannot quite grasp, not all clients have sought forgiveness. I do have one client I need to file for forgiveness on my own, as the Treasurer that was the original applicant is no longer involved and I am the only other person with knowledge of this particular PPPL.
 

#4
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We have a team of folks assisting with this, but it is a small number because we still need to get "regular" deadline work out the door.
We do have a separate engagement letter outlined for the work.
It's been especially difficult to coordinate PPP forgiveness and ERC eligibility to maximize benefits of both.
~Captcook
 

#5
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Agree Capt. I extended all corporate returns that had PPP if I thought they would qualify for the ERC. Figured I would sit down after April 15 (or whenever I get some time) to figure all of that out. Just do not have the time to sit down and make all of those detailed calculations right now!
 

#6
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Thank you all for replies, greatly appreciated!
 

#7
sjrcpa  
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I've been helping clients with PPP since the CARES Act.
 

#8
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personally, I’ve been SHOCKED at the number of clients who got a PPP loan with no help from me.

Clients that I normally view as needing numbers type help had no issue getting the loan.
 

#9
novacpa  
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McLean, Virginia 22101
I see no reason why we can't accept a contingent fee for PPP Loan Forgiveness,
say 15-35% of the amount we get forgiven?
 

#10
sjrcpa  
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I charge for my time.
 

#11
Andrew  
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There's a lengthily engagement letter for clients for preparing the forgiveness application from AICPA.
 

#12
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Andrew wrote:There's a lengthily engagement letter for clients for preparing the forgiveness application from AICPA.

The AICPA is not in the real world... they would have us get an engagement letter to answer the phone.
 

#13
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southparkcpa wrote:
Andrew wrote:There's a lengthily engagement letter for clients for preparing the forgiveness application from AICPA.

The AICPA is not in the real world... they would have us get an engagement letter to answer the phone.


I, generally, agree with your sentiment here. However, having gone through this with a number of clients, I find the EL creates some formality around what clients are largely perceiving to be a simple administrative task. It is helping to both raise and overcome fee issues.
~Captcook
 


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