Non Profit Accounting Services
CPA Client Engagement Automation Solution
“Autymate’s Client Engagement Automation Solution allows us to monitor and comply with all aspects of our Customer SLA and provides Jitasa management with real-time access to actionable client KPIs and employee performance data, replacing expensive, time-consuming manual tracking processes.”
The U.S. Congress recently passed new legislation, including approximately $284 billion for PPP loans.
The SBA and Treasury announced Friday, January 5, 2021, that the new PPP would re-open the week of January 11th with community financial institutions exclusively allowed to make first-draw PPP loans starting Jan. 11 and second-draw PPP loans starting Jan. 13. The PPP will open to all participating lenders at an unspecified date shortly after that and remain open through March 31.
One of the most significant changes with the new PPP is that Congress made funding available to businesses that had previously received a PPP loan. Borrowers are eligible for a second-draw PPP loan of up to $2 million, provided:
- The company has 300 or fewer employees.
- Used or will use the full amount of their first PPP loan for eligible expenses.
- They have experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019.
- This is determined by comparing gross receipts in any 2020 quarter with an applicable quarter in 2019, or, a borrower that was in operation for all four quarters of 2019 can submit copies of its annual tax forms that show a reduction in annual receipts of 25% or greater in 2020 compared with 2019.
The challenge for Jitasa was how to quickly assess data extracted from Quickbooks online so as to notify and pre-qualify over 350 clients for PPP using data extracted from Quickbooks Online. Time was the essence in accessing real-time quarterly and annual gross receipts data from its 350 clients.
Leveraging the CPA Engagement Auty-mation Solutions, Jitasa extracted and aggregated real-time client data directly from QBO to view and assess actual quarterly gross quarterly and annual revenue for 2019 2020 to determine client eligibility for a second-draw PPP loan.