Ultrasonic near-field levitation allows suspension of a moderately large object at a height of tens of microns above sound actuator. We developed an asymptotic approach to describe the air dynamics in the gap between an acoustic source and the levitating object. The suggested method allows computation of the lifting force. Due to resolving of both viscous and inertial effects, it remains applicable across a wide range of levitation distances. The paper explains theoretical background of the model and presents a numerical solution of the obtained equations. The results are compared to published numerical and experimental data showing very good agreement.