Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

August 4, 2020

I have uploaded my spreadsheet and the supporting documents. What is the next step in the process?

Posted by Armanino Financial Advisory Team

There are multiple steps to the review process:

  1. When you send us your calculation model and supporting documents, your application is not “final”, “official” or “submitted” yet. Uploading the spreadsheet and supporting documents simply moves your application to the next step in the process, even though you may have had to pass through a workflow step called “Review and Sign” (depending on your bank’s portal). You didn’t actually sign anything yet.
  2. Armanino will conduct an initial review of your application and supporting documentation. If any issues are identified, they will contact you via email for clarification or additional documentation needs.
  3. After the initial review is completed, Armanino will prepare and send you a “replica” of Schedule A of the application. This replica will contain all the correct and approved numbers for each line of Schedule A, which then feeds into the Application itself. If you had to enter “0” in the bank’s portal worksteps to move forward to submitting your documents, this will be your opportunity to see the forgiveness for which you qualify before “finalizing” your application. Note, you will also receive in the same email an unlocked copy of the Forgiveness Calculation Model for your records, which will show each of the numbers and how they were determined.
  4. A) Depending on your bank, you may simply be required to review the Schedule A, certify and sign, then upload the document to the bank’s portal. At this point, your application is considered “official” and there is nothing more for you to do. The bank will render its final decision and convey this to the SBA, who has up to 90 days to review and approve the decision. The bank will notify you when the SBA has completed its process.
    B) If your bank uses a portal with a workflow process, you will need to go back to the portal and navigate to the Schedule A workstep to re-enter the final figures on the “replica Schedule A” you were sent. From there, you will proceed through the workflow steps (Forgiveness — Supporting Files — Review and Sign to save your updated application. Even at this point, your forgiveness application still has not yet become “official,” which is defined as certifying and signing the completed application, because you haven’t been asked to sign anything yet.
  5. For banks with a workflow process — Armanino will conduct a second review of your application to be sure nothing was missed in the second workflow process using “replica Schedule A”. Assuming all is correct, you will be sent an executable PDF of the Forgiveness Application with Schedule A. You will be asked to initial the appropriate certifications and sign and date the application, which will render your application “Final and Official”. At this point, there is nothing more for you to do. The bank will render its final decision and convey this to the SBA, who has up to 90 days to review and approve the decision. The bank will notify you when the SBA has completed its process.
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