Financial Advisors (IFAs) + PPP & EIDL Documentation: The Challenge
As financial advisor, preparing bank statements for ppp & eidl documentation is a common but time-consuming task. PPP and EIDL loan recipients need bank statements to document eligible expenses, payroll costs, and fund usage for SBA forgiveness applications and ongoing compliance.
How BankScan AI Helps Financial Advisors (IFAs) with PPP & EIDL Documentation
Convert client bank statements to Excel for quick financial analysis, cashflow modelling, and wealth planning presentations. For ppp & eidl documentation specifically, BankScan AI extracts Payroll costs (must be at least 60% of PPP funds), rent, utilities, mortgage int automatically.
How Financial Advisors (IFAs) Handle PPP & EIDL Documentation
When preparing bank statements for ppp & eidl documentation, financial advisors (ifas) need to IFAs request bank statements during fact-find meetings to assess client income, expenditure patterns, existing commitments, and savings capacity. They. BankScan AI automates the data extraction step.
Key terms you'll encounter: fact-find, suitability report, attitude to risk, capacity for loss.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 8-24 week covered period for PPP forgiveness; EIDL loan term (up to 30 years) with ongoing compliance documentation of fund usage of statements for ppp & eidl documentation.
AI extracts what you need
Our AI extracts Payroll costs (must be at least 60% of PPP funds), rent, uti — formatted for financial advisors (ifas) workflows.
Complete your ppp & eidl documentation work
Download Excel files ready for ppp & eidl documentation. Expenses categorized by PPP-eligible category (payroll, rent, utilities, etc.) with dates proving they fall within the covered period; FTE headcount evidence from payroll transactions
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Financial Advisors (IFAs) — PPP & EIDL Documentation
- Built for Financial Advisors (IFAs) — Saves 30-45 minutes per client fact-find on income and expenditure analysis, with annual reviews completed 20-30 minutes faster per client
- Software compatible — Output works directly with Intelliflo, CashCalc, Excel
- Built for PPP & EIDL Documentation — Convert bank statements to structured spreadsheets to document PPP-eligible expenses, track EIDL fund usage, and prepare forgiveness application supporting documents.
- Key data extracted — Payroll costs (must be at least 60% of PPP funds), rent, utilities, mortgage interest, covered operations expenditures, PPP fund receipt and disbursement dates
Compliance: Financial Advisors (IFAs) + PPP & EIDL Documentation
When financial advisors (ifas) prepare bank statements for ppp & eidl documentation, specific compliance requirements apply.
- FCA rules require IFAs to conduct thorough fact-finds and demonstrate suitability of advice. Bank statements form part of the evidence base for suitability reports. Consumer Duty obligations require advisors to demonstrate they understand client financial circumstances. Records must be retained for the FCA's required period.
- Legal basis: CARES Act section 1106 (PPP forgiveness); Economic Aid Act (PPP Second Draw); SBA Interim Final Rules on PPP forgiveness (85 FR 33004)
PPP & EIDL Documentation — Built for Financial Advisors (IFAs)
PPP forgiveness applications should be submitted within 10 months of the covered period end to avoid loan repayment starting; SBA OIG audits can occur years after forgiveness
Try Free — Financial Advisors (IFAs) + PPP & EIDL Documentation