A Not for Profit school for children in New York City applied to a large bank for a PPP loan but never received any communication back from the bank as to status and timing. Concerned that they may miss out on funding, the School reached out to their CPA for assistance.
The CPA is a partner from a prestigious Regional Accounting Firm located in the Northeast. The partner from the CPA firm reached out to Asset Enhancement Solutions, LLC asking us to assist their important client with their PPP loan.
This client was assisted by our senior consultant/CPA who has assisted many Not For Profits with their PPP loans. Our consultant initially spent two hours on the phone walking through the process with the Operations Manager of the organization. The School had two related entities and chose to put through a combined application with our lender.
Our consultant communicated with the Operations Manager via email until after 11:00 p.m. one evening analyzing invoices and putting together a spreadsheet to come up with amounts for employer paid retirement and healthcare costs. Our consultant also spent a significant amount of time interfacing between the School and lender to ensure that all issues were resolved, and that the School's application was complete and ready for final approval.
The School was approved for a PPP loan of $400,000 by both the lender and SBA.
To learn more about how we can assist you with your PPP loan, please contact
Neil Seiden, 516-767-0100
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