When running a business, it is crucial to understand your business’ finances and monitor cash flow to operate successfully. As a small business you understand that every dollar spent, as well as every dollar readily available, counts. Whether you’re looking to establish your business credit, earn cash back, gain benefits, or just need short-term funding, these business credit cards can help you on your way. Even better, with FINSYNC, you can use a credit card to pay a traditionally cash-only vendor and start earning your rewards even faster.

Best Credit Card for Establishing Credit

Are you just starting up your business and have limited or poor credit? The Wells Fargo Business Secured Credit Card is the way to go. This card will help you begin to build your business credit while also earning 1.5% cashback on all purchases made. There is also a very low annual fee of $25, which you can have waived after you’ve built up your credit. However, keep in mind that because this is a secured credit card, the rewards won’t be as good as those of unsecured cards. Regardless, this is a great starting point as you begin to build up your credit.

Best Credit Card for Startups

If you’re an up-and-coming startup with funding, the Brex Credit Card for Startups could be right for you. Brex offers up to 7x point rewards, depending on the purchase. Regardless, you’ll be sure to earn points on every dollar spent. Some other benefits of the Brex card is their instant access to a credit line after you sign up. Keep in mind that you typically will need to have at least a $100k bank balance at any given time. So if you are an early-stage business with capital in the bank, this card could be for you.

Best Credit Card for Cash Back Points

Looking to earn cashback rewards on all your purchases while not paying any annual fees? The Blue Business Plus Credit Card from American Express is a great option. With this credit card, you’ll earn 2x points on all your purchases up to $50k each year. After the $50k, you’ll earn 1x points on all purchases. If you’re looking to double down on your point earnings, then this card could be for you.

Best Credit Card for Business Travel

If your business requires you to travel a lot, the Chase Ink Business Preferred Credit Card is a top pick. This card offers 3x points on the first $150k spent on travel, phone service, internet, cable, and advertising. To sweeten the offer, they’ll even throw in a 25% bonus if you redeem your points through Chase Ultimate Rewards. If you find yourself using multiple airlines and hotel brands, you can transfer points between partnering airlines and hotels. To top it all off, you can earn an additional 100k bonus points if you spend $15,000 or more within the first 3 months.

Best Credit Card for Large Expenses

The Discover It Business Credit Card is great if you expect your business to have large expenses within the first year of opening the card. This card offers unlimited 1.5% cash back on all purchases and no annual fee. In addition, Discover will match all of the cash back you earned within your first year. That’s right, there is no minimum or maximum amount needed to be spent to receive the cash back matching offer. For example, if you spent $400 Discover will match to $800.

Best Overall Credit Card for Small Businesses

If you’re not looking to spend a lot of time finding the best card for one specific reward, and prefer a simplistic yet rewarding credit card, then the Capital One Spark Cash for Business is a good bet. This card might be the best overall for small businesses. With an unlimited 2% cash back reward on all purchases, this card can seriously reduce your expenses. The first year has no annual fee and if you spend $4,500 within the first 3 months, you’ll even get a $500 cash bonus. Also, if you have employees, you can receive employee cards for free, and increase the rate of cashback earnings.  

Payments Made Simple with FINSYNC

FINSYNC Pay allows you to preserve cash by shifting cash expenses to your card credit and amplify your rewards. Even if your vendor does not accept credit, you can pay them electronically using the credit on your card. Getting started is simple and secure. Sign up for a free trial today.
As you consider what institution you’ll trust to hold your business’s precious cash, there are many considerations beyond whether or not your deposit account is federally insured. Banks have long sought to staff their business-facing teams with local area experts who can provide a consultative approach to financial success, a strategy known as “Relationship Banking.” Relationship bankers know what the bank offers in terms of tools, financing and other solutions inside and out, but how well do they (or can they) know your business?

What Are the Benefits of Traditional Relationship Banking?

Keep in mind that while banks have a lot of data about your business in the form of individual transactions, accounting and better yet, cash flow management analytics are what really tell the story of where your business is and where it is going. Until recently, access to the data in an actionable format was challenging, but with the advent of integrated cash flow management tools, you can have your cake and eat it, too. Forward-thinking banks are adopting business platforms that equip your business with largely automated accounting and up-to-date cash flow projections. These tools make it easier for you to analyze obstacles in your way but also the impact of financing a great opportunity. While in the past, you would have had to have consolidated accounts receivable, accounts payable, payroll and other data into a spreadsheet paired with your cash balances, now these projections are done automatically and in real-time. Moreover, when you need assistance with financing from a best-in-class bank, your relationship banker can have a discussion with you based on your cash flow and help you decide on the best course of action based on great data, but also on their experience working in your local market and understanding its economic drivers and opportunities.

How Can You Tell if a Bank is Ready to Provide this Quality of Service?

One indicator might be membership in the FINSYNC Network. Your business dashboard syncs with FINSYNC’s banker-facing Lender Portal when you opt-in to share your data as you seek financing. Your banker can quickly analyze your cash flow and how you qualify for various options. Banks are increasingly recognizing the importance of access to and a voice in the development of next generation tools to support their business clients: Responding to our client’s needs as quickly and effectively as possible is a priority for Lamar National Bank. We were able to accomplish this by becoming a Charter Member of the FINSYNC Network and leveraging technology solutions that help our clients operate more efficiently and at a lower cost. Empowering our clients to spend time on the things that matter most to them creates healthy and profitable businesses. In return, this is greatly beneficial for Lamar National Bank’s growth and mission. - Greg Wilson, CEO of Lamar National Bank Indeed FINSYNC has formed a cooperative with community banks who seek to share what they are seeing in your market with a view to providing innovative tools to help your business be more efficient and successful. Banks across the country are joining to take the relationships they have formed with businesses like yours to the next level. Have you found a best-in-class relationship banker? Maybe you should.

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Invoice Financing, also known as factoring, is a financial tool that offers businesses the ability to collect most of an invoice by receiving an advance on an outstanding invoice, and then paying the factoring provider a small percentage of the invoice when their customer pays the full amount of the invoice. Invoice Financing service providers typically charge a few percentage points for the service. The process of financing an invoice typically involves a good amount of paperwork; however, FINSYNC has created a 3-click method to remove all paperwork and receive a factoring decision and funding quickly.

What Is Invoice Financing?

This article from BlueVine about how to choose a factoring provider offers up a simple explanation of what factoring actually is.

The Easiest Invoice Financing (Factoring) Process You’ll Ever Use 1

How Does Invoice Financing Work?

The basics of invoice financing are simple: a business wants or needs cash sooner than its customer’s payment terms (net30, net45, net60, net90, etc.), so the business “sells” that invoice payment to an invoice financing company for 97% of the value of the invoice at full payment. For example, if you invoiced BigCorp, Inc., for $10,000, but their payment terms are net60, you could ‘sell’ that invoice to an invoice financing company for 97% of that invoice amount, or $9,700. You get a large portion of your payment in 1-3 business days, so you have cash immediately, and the invoice financing company earns $300 on that advance to you when your customer pays the $10,000. 

Why Is Factoring So Paperwork Heavy?

The simple answer to that is that the invoice financing company is taking a lot of risk by paying your business in advance on the promise that your customer will pay their invoice on time. It doesn’t have to be that way, but invoice financing does require some back and forth. Using the example above, you would need to provide the invoice financing company with your invoice to your customer, proof that your customer has accepted and agreed to pay the invoice, and proof that you delivered the customer’s order, so that the invoice financing company can assess the risk of that transaction. Because every company’s invoicing, payable, and receivable systems are unique, each transaction is essentially manual, unless there is an existing relationship with the invoice financing company and your customer is a well-known, trustworthy customer who always pays their invoices on time. When an individual invoice is being financed, that transaction is unique, and the invoice financing company is offering the business an advance payment for that one invoice. Paperwork, time, and human interaction are required.

Paperwork Heavy, Until Now

FINSYNC customers enjoy a very simple process for invoice financing. Drag and drop your invoice onto the payment request screen, and click “Collect”. That’s it. Your financial institution now has everything they need to make a decision on financing that invoice. The very short video below demonstrates the entire process in just a few seconds.
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Applying for a small business loan can be daunting, time-consuming, and tedious. Plus, if one bank turns you down or doesn’t offer favorable enough terms, you have to start the entire process over again with another lender. We saw this problem over and over again with our small business customers, and we set out to solve it. FINSYNC customers can now apply for business financing from any bank in our network of lenders in under 10 minutes. Here’s how it works.

Apply for Business Financing in Three Easy Steps

FINSYNC customers start by logging into their account. If you don’t have a FINSYNC account, you can create one free here https://info.finsync.com/free-trial-payments.

Once you log in, you’ll arrive at the main user dashboard. At the top right, you’ll see the green PLUS sign. Click there to expand that menu. Then click on “Apply for financing”.

How to Apply for Business Financing with FINSYNC 7 The next three screens are straightforward information gathering screens, some of which are already pre-populated from your FINSYNC account.

Loan Information

How to Apply for Business Financing with FINSYNC 2 The first screen is information about the loan itself. Banks, credit unions, and other lenders refer to this as their “product type”, and this information helps the lender know what category your loan fits into in their business model. The information needed for the loan includes the following:
  • type of loan
  • purpose of the loan
  • what collateral you have
  • term of the loan
  • payment frequency you’d like to request
At the bottom of this page, once you’ve entered all the loan information, we provide an estimate of the principal payment amount. Not that this estimated payment does not include interest.

Business Information

How to Apply for Business Financing with FINSYNC 3 The second screen is all about your business. The lender needs to know standard information about your business. The fields to complete include the business’ name, address, and phone number, how long you’ve been in business, your current debt, and whether or not you own or rent your property.

Personal information

How to Apply for Business Financing with FINSYNC 4 The final screen is where you’ll enter or update your personal information. This information is mostly pre-populated from your FINSYNC account and otherwise pretty self-explanatory. At the bottom of that page is the personal authorization form. You’ll check the consent box, which authorizes the lender to perform a credit check, and type in your name, and click submit. That’s it, you’re done. What’s next? Well, generally in 1 to 4 days, you’ll get a decision from a lender. In the event that a lender needs more information from you, we’ll contact you directly. It’s that simple. Apply for Financing
The SBA has released the PPP Forgiveness EZ application form, and FINSYNC has implemented that solution into our PPP Forgiveness Solution for Banks and Credit unions. The PPP forgiveness EZ form is designed for businesses that meet at least one of the following criteria:
  • You are self-employed and have no employees; OR
  • You did not reduce the salaries or wages of your employees by more than 25%, and did not reduce the number or hours of your employees; OR
  • Your business experienced reductions in business activity as a result of health directives related to COVID-19, and the business did not reduce the salaries or wages of their employees by more than 25%.
If you can check any one of these, then you are eligible to use the EZ form. Which is much shorter than the regular long form.

What Are The Differences?

There are two major differences between the PPP Forgiveness Application and the PPP EZ Application:
  • In the EZ form, there is no Schedule A section, and
  • Certain questions in the long form have been removed from the EZ form because they are not relevant.

How Does the EZ Form Work?

The main workflow of the PPP EZ form is the same as the long form, as illustrated in the graphic below. Our form follows the SBA PPP EZ form instructions, which you can find here.

Introducing the FINSYNC PPP EZ Application 2

The video below provides an explanation of the EZ form and also walks you through how we’ve implemented the PPP EZ application into our PPP Forgiveness Solution.

Most large corporations have some debt as a standard financing practice. Depending on the economic situation, debt financing can be far cheaper than investor financing. But for many small businesses, having to service debt each month can mean the difference between taking home a paycheck or not, hiring one more employee or working extra hours, or paying your bills on time. Cash is oxygen to small businesses, so you can, and should, pay down your debt. Here are several ways in addition to sacrificing income, new hires, and personal time.

The US Small Business Administration (SBA) Debt Relief

From the SBA website: “The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.” If you have one of these loans, you do not need to apply for this assistance. According to the SBA, assistance will be automatically provided as follows:
  •  Loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
  • For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
  • For loans made after March 27, 2020, and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.
SBA borrowers should contact their lender for answers to specific questions about this payment relief plan.

SBA Economic Injury Disaster Loans (EIDL)

On June 15, the SBA announced that the EIDL program is open again. Small business owners in the US, including Washington D.C. and territories, can apply for an Economic Injury Disaster Loan advance of up to $10,000. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance. The amount of the loan advance deducts from the total SBA loan eligibility.

Corporate Assistance

That’s right: corporate America is helping out America’s small businesses. Here are just a few examples of US enterprises lending a helping hand to small businesses. While such help is generous, keep in mind that it is in these corporations’ best interests to help out the small businesses that put money in their bank accounts. For example, Morgan Stanley's Brian Nowak estimates small businesses comprise 30% to 40% of Facebook's overall advertising base.
  • Facebook is offering U.S. small businesses $40 million in grants to help them navigate the coronavirus crisis. Go to facebook.com/grantsforbusiness to determine if your business is eligible. They also rolled out additional features to help small business owners. Facebook now lets business owners to start a Facebook personal fundraiser for their own business. So they can ask their most loyal customers for help with operating costs during the crisis. In addition, they made it easier for businesses to communicate temporary service changes — like changes in open days and hours — to their customers.
  • Lowe’s has put up more than $50 million in various types of relief funds for small businesses since the COVID19 pandemic hit the US. In this latest round of funding, the company will “offer small business grants through some of the company's key partners. Including its supplier diversity network. The funds will also expand support to small business home improvement professionals.”
  • Vistaprint, Facebook, Verizon, and others offer grants that can help keep your small business afloat during the coronavirus crisis. Companies can qualify for these grants if they have 3 - 20 employees. Located in an economically vulnerable community, and have been impacted by the COVID-19 crisis.
  • Finally, here’s a guide of all the companies (as of this writing) offering small business assistance in many different ways to help America’s small businesses weather this storm.
Regardless of how you do it, whether you listen to Clark Howard or Dave Ramsey, what you need is a plan. Now that you have a few more tools in your belt, you can make that plan to pay off that debt and free up that cash.
According to a recent study by JP Morgan, the vast majority (88%) of businesses in the US have fewer than 20 employees, and nearly 40 percent of all companies have under $100k in annual revenue. So, if you think your small business is really small, turns out you’re right in the middle of the pack! So how do these businesses get their financing? There are three main avenues of financing for small businesses: debt financing, investment financing, and grants. We’ll explore all three here, but we want to focus on grants, since this method of raising capital for a business is not as well known as debt or investor financing.

Debt Financing for Small Business

Perhaps the clearest, though not the easiest, option to get the capital required for a small business is to go to your local bank and borrow it. Sounds easy, but it is much more complicated than that. Here are some things you must do and consider in order to get a business loan from a bank — any bank.
  • Do you have a relationship (existing accounts) with the bank already?
  • How is your credit score?
  • Have you created a complete, professional business plan?
  • Do you have financial projections for your business for at least 3, perhaps even 5 years?
  • How much cash will you personally be able to invest in the business?
  • Will your business support both the payback of the loan and your personal income?
These are just a few of the questions you’ll need to have answered before you walk into a bank seeking a loan to fund your business. Generally, banks are financially very conservative, meaning they are not known for taking big risks. According to the SBA, about 20% of small businesses fail in their first year, and about 50% of small businesses fail by their 5th year. With those statistics in mind, a bank will need to see evidence that (a) your business will be among the 30% that succeed beyond 5 years, and (b) even if it doesn’t, that you’ll pay back the loan.

Investor Financing for Small Business

Investors are known for taking more risks than banks; however, investors still want their money back, and with a high rate of return on their investment. That means that, not only should you be prepared to demonstrate everything you needed to demonstrate for a bank loan, but also that you’ll be able to deliver to your investors their desired rate of return. That return usually comes in some sort of “exit” event, meaning that you sell your business or take the business public. An IPO is not usually an option for a small business, though being acquired can be, if the business is in a market that is consolidating. The more important part of your effort to raise capital from investors will be your relationship with them. In a small business or startup investment, the investors are usually investing in the entrepreneur. That’s you. If they know you, your history, your competence and capabilities, then their confidence will already be high before they even see your business plan. Before you ask for investment dollars, make sure you build relationships with the investors.

Small Business Grants

Finally, small businesses can apply for grants to capitalize their operations. We covered the basics of loans and investor financing because there are many similarities to grants; however, there are a lot of differences, too. First, what’s similar among loans, investments, and grants?
  • You’ll need a solid, professional business plan
  • There will be a lengthy application process
  • A relationship with the granting organization will help a lot
  • There will be expectations for the results of the money from the granting organization
Those are the big similarities. Some of the differences include:
  • You don’t have to pay back a grant
  • The granting organization does not take an ownership interest in your business
  • There is no interest nor expected return on investment for a grant
These differences make it seem like a grant is “free money”, but do not assume that’s so. There are entire seminars on how to apply for and earn grant money. But, believe it or not, applying for a grant may actually be the easier part of the process. What’s the hardest part of getting a grant for your small business? Finding the right grant.

Government Grants vs. Private Grants

A quick search for “Small business grants” brings up the SBA’s grants page, which provides a solid introduction to exactly what the US Government is currently providing grants to accomplish. Add your state name in front of that search, and you’ll get more specific, local information about how to apply for grants in your community. Searching for Private small business grants generally leads you to organizations like Clark Howard or NerdWallet, which provide a wealth of information on all things financial. There’s no such thing as “free money”. At the very least, you will have to put in hours applying for a grant, which includes detailed business plans, forecasts, and other documentation. However, knowing that you have (at least) three options to raise capital for your small business operation can open your eyes to many more possibilities.
Learn how FINSYNC’s easy-to-use tools are making it easier to apply for PPP loan forgiveness.  By FINSYNC The Department of the Treasury and The SBA released the official Paycheck Protection Program (PPP) forgiveness application form just under two weeks ago. While many small businesses hoped this would clear up the questions around the programs, ambiguity remains. In fact, some have compared the forgiveness application form to a tax return in its complexity.  At FINSYNC, we have been working to help small businesses with their PPP loan application since the first round. Now we are taking the same approach to the PPP forgiveness program.

Portal for PPP Loan Applications

FINSYNC is no stranger to handling loan applications. We have been a provider of electronic business loan applications that support multiple types of loans since long before COVID-19. A big part of the process of handling loan applications is the multi-user portal to which loan applications are submitted. This portal helps small businesses and lenders communicate, review, and process various types of loans. When the PPP rolled out, we saw an opportunity to help small businesses with the application process. We followed SBA guidance and quickly adapted our tools for PPP intake and underwriting, and later added PPP forgiveness intake and processing in the same tool. 

Problematic PPP Loan Forgiveness Process

Now that the PPP loan forgiveness application process is open, several problems have arisen. We continue to hear from small businesses that the forgiveness application is as complicated as a tax return. Many struggle to gather the right documentation or decipher the latest guidance from the SBA. When it comes to lenders, they are poorly prepared as well. The simple fact is that lenders are not set up to forgive loans, much less a huge volume of forgiveness applications in a short time frame. That high volume and short time frame, paired together with the changing SBA guidelines, have made it difficult to properly review and process forgiveness applications.  Recently, FINSYNC's Eddie Davis explained how banks can make PPP forgiveness manageable to the Independent Community Banker’s Association. It’s clear that businesses need assistance to complete this complicated process. But how can lenders help when the guidelines are continuously updated and banks don’t have the accounting expertise businesses need? 

Focus on Educating Customers

In addition to focusing on developing a robust application tool, FINSYNC is working to educate small businesses that need guidance. Our goal is to deliver the most current information via resources like the PPP forgiveness guide, which contains what you need to know, have, and do to maximize how much of your PPP loan will be forgiven. We’re also offering small businesses a PPP forgiveness calculator that allows those who received a PPP loan to track their expenditures, and ensure maximum forgiveness. The calculator is an easy, fill-in-the-blanks tool that also includes examples you can use for guidance. We’ve broken it down to five steps that should leave you with a complete PPP loan forgiveness calculation. Both tools are updated as the SBA provides new information, and we email our clients as soon as we are up-to-date on the newest changes.  Another part of customer education is professional help. FINSYNC’s network of vetted small business accountants is available for those that may need additional guidance.

Easy, Step-by-Step Application Process

These educational resources can set you up for success once you’re ready to fill out your PPP loan forgiveness application.  FINSYNC’s application process is completely electronic, including application documents, signatures, and, of course, the e-submission to the SBA. For banks and credit unions, the FINSYNC solution does not require any core or IT integration.  You can start your PPP loan forgiveness application by going through a simple intake form that mirrors the SBA form. After filling out the form, you are taken to the main portal where your PPP loan forgiveness will be processed. You will create a secure username and password to protect your account and then submit the required supporting documentation Banks typically have multiple team members review an application before it ultimately is approved. FINSYNC makes it easy for bankers to complete their individual tasks, and then hand it over to the next user. This way it becomes a team effort, where each member gets notified about all important changes. After the application is fully reviewed, it is ready for submission to the SBA electronically or manually (when available). The bottom line is the PPP forgiveness process is complicated and there are some details that still need to be worked out. However, we’re gaining more clarity every week. To make this process easier for your small business, take advantage of educational materials and request your bank use our review tools to make this process easier for everyone.

The PPP Forgiveness Problem

Banks and Credit Unions were not set up to forgive loans, much less forgive loans in the volume that PPP has created. Add to that challenge the fact that in-person meetings are not possible, the PPP Forgiveness Application is as complicated as a business tax return, and constantly updated “guidance” from the SBA. Finally, banks and credit unions are not accounting advisors to their small business customers, nor should they be. But these PPP lenders still have to figure out how to process all these PPP Forgiveness applications, and the window for doing so gets smaller every day.

The PPP Forgiveness Solution

We’ve created a solution for all PPP lenders that requires zero core integration. Our plug-and-play PPP forgiveness solution is divided into three phases:
  • Education
  • Intake
  • Processing 
The solution offers zero implementation costs, a low monthly fee, and a fee per successful transaction.

PPP Forgiveness: So Complex It’s Like a Tax Return

The PPP Forgiveness Application is much more complex than anyone expected it to be, especially compared to the “good faith” application that was required to get a PPP loan. We continue to hear that the Forgiveness application is at least as complicated as a business tax return. We shouldn’t be surprised by this complexity, given that PPP loans were created to be free money to the businesses who needed it the most. The difficulty comes in substantiating that “need” with documentation.  Most small businesses do not do their own tax returns. There’s a reason for that, and the same reason may apply to completing the PPP Forgiveness Application. To solve that issue, we offer our network of virtual accountants for those businesses that need assistance. Or, perhaps the business’ existing accountants don’t provide this type of guidance. Either way, we can match any small business with a virtual accountant to help them through the PPP forgiveness application process.

How the FINSYNC PPP Forgiveness Solution Works

First, the education phase offers free materials including a simplified PDF guide on exactly how to prepare for and complete the PPP Forgiveness Application and a calculator (Excel and Google Sheets) for small businesses to utilize in calculating how much of their loan can be forgiven. Then, as guidance arrives from the SBA, we update these materials and make sure our users get the right updates. We also inform each user that accountant assistance is available through our network of vetted professionals. Next, after the eight week PPP use window has passed, the user will complete the intake form, which is a bank-branded workflow that directly follows the SBA PPP Forgiveness application. Once the user gets through the form section, we create an account and password for their portal. Once they're in the portal, they complete the application including submitting their supporting documents and the lender’s team gets notified that there is a new application pending.  Finally, once the forgiveness application is submitted in the lender’s portal, that’s when the lender’s users can access the application, and start processing it to it’s next point, and then passing it on to the next phase for the next user to access it. Ultimately, the lender’s users carry those through to the point at which the application is ready for SBA submission. At that point, the lender either electronically or manually submits the PPP Forgiveness Application to the SBA.

No Core Integration

Here we want to reiterate that we are offering a plug-and-play solution, for which zero IT investment is required. We do not integrate to the bank’s core. We consume the borrower’s information as part of the onboarding process. That's how we get the information into the system in the first place. Then we provision the lender’s portal and intake form in just a few minutes. So, once the lender accepts our terms of use we can have these ready and in your hands within an hour.

Very Affordable Pricing

Once your lender’s portal is deployed, you get visibility into the business and their PPP Forgiveness Application status throughout the process. The cost is $350 per lender user per month, with no long-term contract. You tell us how many users you want and that's what we bill you. You can cancel anytime you need to. We then charge just $25 per successful SBA e-submission. There is no implementation fee.

Schedule A Demo

Schedule a personalized demo here. We will be happy to answer specific questions and walk you through the various tools.
Last Friday, May 15, the SBA issued new guidance for PPP loan forgiveness, and also published the official SBA PPP Loan Forgiveness Application (SBA Form 3508). We immediately went to work updating our free guide and calculator. Today, we’re releasing our new guide and an updated version of our free calculator. These tools will be helpful as you prepare to submit your PPP Loan Forgiveness application to the SBA through your lender.

Updated Guide and Calculator

Our SBA PPP Loan Forgiveness guide and calculator are absolutely free, and you can download them by going to this page. We’ve created a Microsoft Excel version and a Google Sheets version of the calculator. The guide is a 4-page PDF. Get them both here.

What Changed?

The Community Bankers Association of Georgia has a good update here. To sum up the major changes, other than the issuance of the actual application, here are the pertinent bullet points from that CBA of GA article.
  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles, as opposed to exactly 8 weeks from the day you received funding.
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after borrowers received their PPP loan.
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness.
  • Statutory exemptions from loan forgiveness reduction based on rehiring by June 30.
  • The new exemption for borrowers whose good-faith, written offers to rehire workers were declined.

What’s the PPP Loan Forgiveness Application Look Like?

You can download that document (PDF) here. To sum it up, it looks a lot like a 1040 tax return. That’s good news for our accountants, whose job it is to help us work through forms like this one, but it’s bad news for anyone who thought they could do it themselves. The application is complex, which is why we’ve done the following:
  • Created a guide, much clearer than the official SBA instructions. You can see those for yourself here.
  • Created a calculator that will help you prepare to complete your official application.
  • Vetted thousands of accountants, and set up a simple matching process for any small business to find the right accountant in a few steps.

What Happens Next?

We expect the SBA to continue updating its guidance for PPP loan forgiveness as more and more businesses get funding and then begin the forgiveness application process. We encourage everyone who received a PPP loan to go ahead and download the SBA forgiveness application, so you can begin to prepare (or find an accountant for help). Eight weeks after you received your PPP loan, you will have most of the data that you’ll need to complete your forgiveness application. However, we also encourage everyone who received a PPP loan not to wait, but rather to keep accurate and up to date information on your payroll costs and other necessary payments that fall under the acceptable forgiveness uses for your PPP loan. If you are like most people, you will need help from your accountant. We encourage you to invite your accountant to join our network and help you complete and submit your PPP forgiveness application through your bank via our portal. Invite your accountant here or find a virtual accountant here.
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