The National Health Service Corps Students to Service Loan Repayment Program offers up to $120,000 in tax-free student loan repayment (up to $30,000 a year for four years) for fourth-year medical. Welcome to the State and Federal Loan Repayment, Loan, Scholarship, and Other Programs database. This searchable database provides detailed information about many of the state and federal programs available to medical and other health professions students.

Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. Please contact Cray Kaiser for most recent information.

UPDATE: The templates have been updated as of June 3, please use the new download link provided below.

We last shared some best practices and next steps once you receive your PPP funds. It’s now time to start tracking your use of the funds to determine the amount to be forgiven. To aid you in this process, we’ve prepared a few Excel workbooks which you can download by clicking the link below. Each workbook contains instructions, the loan forgiveness calculator, determination of your FTE (full time equivalent), actual tracking of costs template, a certification template and two examples so you can “see the math” in action.

Federal Student Loan Forgiveness Program

DOWNLOAD THE PPP LOAN FORGIVENESS TEMPLATES

Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. The certification documentation provided in the worksheets above allows you to document how and why the PPP loan funds were considered necessary for your company. For entities with loan funds in excess of $2,000,000, it may be necessary to substantiate this documentation with projections and financial amounts in the event of an audit. It’s best practice to complete these worksheets regardless of your funding to be ready in the event you are asked. Remember those sleepless nights before receiving the funding? Those are the reasons why you needed these funds!

Some of you may already be two to three weeks into your eight-week covered period, so acting fast to do the math will get you better positioned once the loan forgiveness process is in place. We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more.

There has been a lot of narrative around the computations of the loan forgiveness (including our own) and now it’s time to put those numbers to work! Should any questions arise as you complete these calculations with the PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900.

CK OFFICE OPERATIONS

These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. As things continue to evolve in light of the COVID-19 pandemic, we at CK are taking additional precautions for the benefit of our team members and our clients.
Effective immediately:

Medical Loan Forgiveness Programs

• No clients or guests will be allowed in our suite.
• All in-person meetings are cancelled. Instead, we will be utilizing phone calls and/or email to communicate with our clients.
• Our team members are being encouraged to work remotely. All staff are equipped with the appropriate technology and resources to continue to securely and confidentially serve you from home.
• We will no longer have in-person drop offs of accounting/tax data. Instead, please drop off any packages outside the office door of our suite in the box provided.
• All paper files, tax returns etc. will no longer be mailed by our office to you. We will be holding these items in our office to send to you at a later date.

CK PORTAL ACCESS

We want to remind our clients of our portal access and your ability to safely and securely share your information with our team. We ask that you email efile@craykaiser.com to request your portal access. This will eliminate the need for you to drop off your tax information at our office.

MOVING FORWARD

Thank you for your patience and understanding during this challenging time. We wish you, your family, and your business health and safety. We will continue to support you as best as we can while keeping each other’s health a priority. If any changes occur during the course of the next few days, we will update our website.

Click here to read more COVID-19 resources.

SAVE TIME!

IMPROVE ACCURACY!

PPP LOAN FORGIVENESS APPLICATION SOFTWARE

The PPP Loan Forgiveness Application Software completely automates the forgiveness loan application process. Key features and benefits include:

Ease of Use
Our user-friendly borrower and lender portal and dashboard requires no prior user knowledge or training.

Step-by-Step Direction
The guided wizard and data validations lead the borrower and lender through the input and verification process step-by-step.

Document Upload Feature
Borrowers are able to provide the required supporting documentation safely and securely.

Electronic Signature Capabilities
Document can be signed immediately eliminating the hassle of signing, scanning and emailing documents.

Reduced Costs
We offer extremely competitive pricing with NO multi-year licensing or user fees.

Improved Accuracy
Our software includes preconfigured PPP forgiveness rules to ensure information is entered and calculated accurately.

Time Saving Efficiency
Automated workflow with approvals streamlines the forgiveness process reducing application completion time.

Compliance Assurance
Audit trail and reporting capabilities ensure that all information is accurately captured, verified, and reported within program guidelines.

Proven Expertise
As of June 12, 2020, IFS has assisted 24 of our Lender Partners process nearly 12,000 PPP applications totaling approximately $1.4 billion.

Please contact us for a software demo and/or to discuss your
PPP loan forgiveness needs and requirements.

610.228.4654 · info@innovfs.net

TRUSTED RESOURCES AND PROVEN SOLUTIONS

FOR FINANCIAL INSTITUTIONS

ABOUT INNOVATIVE FINANCING SOLUTIONS

Innovative Financing Solutions (IFS) is a lender consulting and business advisory firm specializing in the development and implementation of government guaranteed loan programs for financial institutions throughout the U.S. With offices in suburban Philadelphia, Pennsylvania and Naples, Florida. As an approved SBA Lender Service Provider, IFS assist 38 lending institutions across 15 states with their SBA lending needs.

3150 Township Line Road · Drexel Hill, PA 19026

(610) 228-4654
www.InnovativeFinancingSolutions.net
info@innovfs.net

ABOUT VIKAR TECHNOLOGIES

Vikar Technologies combines modern technology and deep industry experience to help financial institutions digitally transform their business. Our Client Lifecycle Management (“CLM”) and Loan Lifecycle Management solutions provide workflow automation and data aggregation with open APIs for the front, middle and back office; enabling our customers to onboard and maintain clients and loans in a complete, end to end digital experience.

3150 Township Line Road Drexel Hill, PA 19026

(973) 495-4835
www.Vikartech.com
nancy@vikartech.com