Nav, a free service that provides business owners the fastest, easiest and most trusted path to financing, released a new tool today to help business owners calculate the amount of Paycheck Protection Program (PPP) loan forgiveness they may qualify for. The new tool — Nav's PPP Loan Forgiveness Calculator— is free for any business owner to use.
"Determining how much PPP loan forgiveness a business owner may qualify for is extremely complex," explained Gerri Detweiler, veteran business financing and credit expert and Nav's Director of Education. "Our team has delved into the complexities of the forgiveness calculations to help ease the burden that business owners are going to face when it comes to determining forgiveness. This tool will help business owners have a better understanding of what they may qualify for, hopefully removing some of the unknowns they are facing during this time."
Nav's PPP Loan Forgiveness Calculator was developed by Nav's in-house experts who have decades of experience in business financing, as well as intimate knowledge and understanding of the legislation and guidance issued by the Small Business Administration.
Alongside the tool, business owners will find a robust list of frequently asked questions as well as information to help them complete the application. For those who have trouble navigating the forgiveness application or who want to make sure they receive the maximum amount of forgiveness, there is an option to connect with partners of Nav's to better understand the forgiveness calculation and ask questions.
"I highly recommend that business owners seek the advice and expertise of qualified accounting professionals and financial advisors," shared Detweiler. "If you do it yourself, you could be leaving forgiven money on the table. Leveraging experts in this type of situation is the best way to determine what your business will qualify for."
Last month, the company also launched a Self-Employed PPP Loan Forgiveness Calculator that walks self-employed individuals, including most sole proprietors and independent contractors, through the calculations used to apply for PPP loan forgiveness.
Nav has helped tens of thousands of small business owners connect with PPP lenders and agents and secure tens of millions of dollars in government-funded loans.