Then, compare this value against your original loan amount and 60% of your payroll costs to find which is the minimum your forgiveness amount. The calculator is based on existing PPP guidance from the Department of Treasury and Small Business Administration (SBA), as well as additional recommendations added by the AICPA. 1901 S. Meyers Road, Suite 230 And the best part is they are free! CARES Act - Paycheck Protection Program Loan Forgiveness Spreadsheet. Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. PPP Loan Forgiveness Calculation Form Business Legal Name ("Borrower") DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address SBA PPP Loan Number: will no longer be mailed by our office to you. Enter the total wages paid during the PPP coverage period, after the mandated shutdown ended and through the end of the 24-week period. We also use third-party cookies that help us analyze and understand how you use this website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. These cookies do not store any personal information. It is not necessary to obtain the password to use these documents. Step 3. %%EOF Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. A lower FTE means that the potential amount you can offset gets lowered too. This worksheet may assist in summarizing key . This will eliminate the need for you to drop off your tax information at our office. including analysis of cash flow . Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. <>stream Download .pdf File size: 373KB Effective : July 30, 2021 Owned by : Office of Capital Access OMB Control Number : 3245-0407 Our template, in this regard, functions pretty similarly to our Payroll Costs Spreadsheet but is optimized for Schedule A calculations for cash compensation for employees. What Reports Are Needed for PPP Loan Forgiveness? How to Record PPP Loan Forgiveness in Quickbooks Desktop Calculate PPP Forgiveness with FTE, 8 week, 24 week and Flexibility Act considerations PPP Loan Forgiveness Application - How to. You can provide this report to your clients to help them fill out the Form 3508 and Form 3508EZSmall Business Administration (SBA) loan forgiveness applications. PPP Schedule A Worksheet for Cash Compensation. Please note that this blog and the 24-week PPP loan forgiveness templates are based on laws effective in August 2020 and may not contain later amendments. You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. This website uses cookies to improve your experience while you navigate through the website. Comprehensive research, news, insight, productivity tools, and more. To apply for forgiveness of a Paycheck Protection Program (PPP) loan, borrowers will be asked for a count of their full-time equivalent (FTE) employees. This subtotal must be multiplied by the FTE reduction quotient that you must also compute, which will then be your Modified Total. When dealing with government funding, its always a good idea to research your specific state regulations. This is where our spreadsheet calculator might come in handy. (Loans made after June 5, 2020 carry a 5-year repayment period.) PPP Loan Forgiveness Calculations Service You might like to see our hours and menu options before calling, You can provide this report to your clients to help them fill out the. Track Headcount of your Employees each week or each Payroll. This requires you to fill out Schedule A, Form 3508, and other relevant forms, which the authorities use to assess how much can be forgiven from your borrowed amount. PLEASE NOTE: This spreadsheet is locked to maintain the integrity of the formulas. Our team members are being encouraged to work remotely. PPP loan forgiveness. Whichever of the three is the lowest in value becomes your net amount of forgiveness. PK ! A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. We last shared some best practices and next steps once you receive your PPP funds. Please contact Cray Kaiser for most recent information. . How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) 3,191 views May 19, 2020 https://tinyurl.com/y9lx9c76 - In this how to track PPP loan expenses. These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. Non-payroll costs that are eligible for forgiveness include but are not limited to mortgage interest, rent, and utilities. It is not necessary to obtain the password to use this document. This category only includes cookies that ensures basic functionalities and security features of the website. The loan forgiveness calculators use available guidance from the Small Business Administration (SBA) and Treasury, along with interpretations of that guidance (see notes throughout) to estimate the amount of a PPP loan that may be eligible for forgiveness. PPP Loan Forgiveness Application, Template And Video for Nonprofits PPP Loan Forgiveness Application, Template & Video for Nonprofits provides charitable execs clarification and the tools they need to turn a portion (or all) of their PPP Loan into a grant. Step 1: Understand Which Quarters Qualify Step 2: Evaluate Your Eligibility: Step 3: Determine if You Had a Qualifying Closure Step 4: Determine Business Status Step 5: Assess Your Qualified Wages for Each Year Step 6: Calculate the ERC for Your Business Step 7: Look for Advanced Refund Eligibility For ERC Worksheet Assistance, Contact ERC Today Updated Jan. 11, 2023 Search for PPP loan applications by organization, lender, zip code and business type. All paper files, tax returns etc. Learn more. PPP vs. ERTC: ECONOMIC VALUE CALC (pdf) EXCEL SPREADSHEETS PPP vs. ERTC: ECONOMIC VALUE CALC (Excel) CALCULATE AVG. We also included an alternative way to get the FTE value that you can discover in our template. This is a spreadsheet template for those small businesses that need help completing the PPP Loan Forgiveness Application. Step 5. Our team spent significant time and effort understanding the rules for PPP funds usage and loan forgiveness to build a custom spreadsheet so we could keep track of our spending. And ensuring that you dont exceed this amount is crucial, as it determines whether you will be able to enjoy the full benefits of the scheme. Track Headcount of your Employees each week or each Payroll. You also have the option to opt-out of these cookies. Chicago, IL 60604 (SBA) and Treasury to estimate the amount of a PPP loan a borrower may be eligible for. hb```f``z l, ~``X8AmWpe[$ 4uT EE$et5Ue11XXY G%F''&Y9;:{D9yyExu21eef Any remaining balance becomes a loan with an interest rate of 1% for two years. No clients or guests will be allowed in our suite. Member FDIC. The SBA recently released the PPP loan forgiveness application. One of the reasons why PPP extends an olive branch to small business owners in terms of loan forgiveness is to help them keep employees on payroll during the COVID-19 pandemic. If the entry for step 4 is greater than or equal to step 2, enter 1.0 on line 13 of PPP Schedule A; the FTE Reduction Safe Keep track of Other Expenses. The Salaried amount pay item has an amount associated with it on the payroll check. 6. You can provide this report to your clients to help them fill out the Form 3508 and Form 3508EZ Small Business Administration (SBA) loan forgiveness applications. Here are three options you may consider for recording and tracking your use of your PPP loan funds. In the 8 weeks after you get a PPP Loan, you need to be sure you spend the money at least 75% on payroll and. PPP lender information. For example: trucking , hospice , television , Kasowitz Benson Torres , 90210 , Sole. 1901 S. Meyers Road, Suite 230 5. FTE Calculator for PPP Loans 4. If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. Management One is a small business, just like most of your enterprises. The American Institute of CPAs (AICPA) has created a loan forgiveness calculator (excel spreadsheet download) for the Paycheck Protection Program (PPP) to help resolve outstanding issues with the process.. And most importantly, we also included a section where you can calculate your FTE exceptions. These cookies will be stored in your browser only with your consent. Supplemental support documents "SBA PPP Loan Borrower Disbursement Authorization" and "SBA PPP Loan Borrower's Certification" can be added. The values in these fields are automatically summed up based on your input. Can you tell us why? Oakbrook Terrace, IL 60181 1442 0 obj <> endobj Download our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. Identify resource costs and plan an amount to budget for each area to keep your event on track and within budget. This site is brought to you by the Association of International Certified Professional Accountants, the global voice of the accounting and finance profession, founded by the American Institute of CPAs and The Chartered Institute of Management Accountants. In addition to the spreadsheet template, we have created a video that will help you walk through the PPP forgiveness calculation process and our Calculator. But opting out of some of these cookies may affect your browsing experience. Were currently experiencing service issues for contacting Support. 2. Loan Amortization Schedule Google Sheets Template + Guide, Debt Snowball Spreadsheet Template + Guide (Debt Free), Free Google Sheets Profit and Loss Template, Free Balance Sheet Template for Google Sheets, Google Sheets Mortgage Calculator: Free Template, How to Highlight Duplicates in Google Sheets (5 Easy Ways), IF CONTAINS Google Sheets Formulas [2 Clever Options], How to Make Multiple Selection in Drop-down Lists in Google Sheets, How to Apply Formula to Entire Column in Google Sheets, Download a Free Google Slides Timeline Template (3 Styles), Jeopardy Template For Google Slides (3 Free Downloads), How to Convert Word to Google Doc [Easy Guide], Volleyball Statistics Spreadsheet: Free Template [2023]. Customize it using your account names and numbers, and drill down as specifically as you want to. . Please read the instructions in the worksheet which indicate how to use the resources as intended. Call us at +1 800 968 0600. Fax: (630) 953-4905, Chicago Email - Expect a 24-48 hour turnaround PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. (See 5-18-20 for updated post.) All staff are equipped with the appropriate technology and resources to continue to securely and confidentially serve you from home. Specifically, a date range that includes a partial week of 3 or less days will round down, and a partial week of 4 or more days will round up. Payroll Cost Calculator for PPP Loan Forgiveness, 5. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Phone: (630) 953-4900 PPP Forgiveness Calculator 5. This category only includes cookies that ensures basic functionalities and security features of the website. Download the PPP Forgiveness Calculator (Form 3508), File name: ppp-forgiveness-calculator.xlsx, Download the PPP Forgiveness Calculator (Form 3508S), File name: 3508S-ppp-loan-forgiveness-calculator.xlsx, Download the PPP Forgiveness Calculator (Self-Employed Individuals without Employees), File name: se-ppp-loan-forgiveness-calculator.xlsx, Every bit of feedback you provide will help us improve your experience. If Applicant is a news organization that Learn more. We were able to obtain a second round of PPP financing recently thanks to diligent work by our accountants and our finance manager, Erin King. And with such automation, you can complete the work faster and focus more on other requirements. Open a separate bank account for your PPP loan. Downloadable PPP Expense Spreadsheet. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. Kevin A. Cameron, CPA Phone 813-286-7373 Paycheck Protection Loan Forgiveness Expense Tracker hbbd```b``"H M,n &M`?d" +` 5Drd!Da 5@&FVC8#]K } One of the most important reasons why you should have a PPP loan tracker is to have on file an application that is eligible for the 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 loan provides for an "8-week loan use period", so we have included a "Week 9" to address receipt of loans mid-week. Please read the instructions in the worksheet which indicate how to use the resources as intended.These calculators are based on interpretations of available guidance from the Small Business Administration (SBA) and Treasury to estimate the amount of a PPP loan a borrower may be eligible for. Oakbrook Terrace, IL 60181 Open a separate bank account for your PPP loan. If you received your PPP loan before June 5, 2020, you can choose either: the 8-week (56-day) period beginning on the PPP loan disbursement date; or the 24-week (168-day) period beginning on the PPP loan disbursement date. It is not necessary to obtain the password to use these documents. 2021 - PPP Loan Forgiveness Rules. Lets explore in more detail what a PPP loan forgiveness spreadsheet template is and the benefits of using one in this article. Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. Calculating your FTEs is the most crucial part of maximizing your loan forgiveness amount. JPMorgan Chase Bank, N.A. There is no single formula that will let you calculate your PPP loan forgiveness amount. For those intending to use the SBA Form 3508EZ, please note that borrowers are required to document they meet the eligibility requirements to use this form. All loan terms will be the same for everyone. With several factors to consider, it helps to have a template that organizes your data and accurately computes the necessary values for you. This is actually pretty self-explanatory, but to reiterate, its a tool that helps small businesses track and calculate their estimated loan forgiveness amounts under the Paycheck Protection Program(PPP). Download Excel | Try Smartsheet. Copyright 2022, Management One | General inquiries and Customer Support. Try our solution finder tool for a tailored set of products and services. File name: ppp-loan-calculator-non . What Is the Formula for PPP Loan Forgiveness? All in-person meetings are cancelled. Member of Russell Bedford International, a global network of independent professional service firms. We will continue to support you as best as we can while keeping each others health a priority. Step 4. We ask that you email efile@craykaiser.com to request your portal access. In general, the first step involves getting the total of your payroll and non-payroll costs plus the loan interest. startxref Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Additionally, we are now offering PPP loan forgiveness calculations as a service for a flat fee of just 2% of the loan amount. Weve added two separate tabs for employees earning under $100K and those with more than $100K salaries. 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. We will be holding these items in our office to send to you at a later date. SpreadsheetPoint is supported by its audience. Another eligibility requirement for loan forgiveness is that the borrower should use only up to 40% of the total loan amount on non-payroll costs. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. There has been a lot of narrative around the computations of the loan forgiveness (including our own) and now its time to put those numbers to work! Have you ever heard of a PPP loan forgiveness spreadsheet template? However, keeping track of your qualified expenses and calculating the total loan forgiveness can be a complex process. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Oak Brook The Paycheck Protection Program ("PPP") authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Will be holding these items in our office to send to you at a later date and computes! 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Draw PPP loan track Headcount of your Payroll and non-payroll costs that are eligible for forgiveness include are. The three is the most crucial part of maximizing your loan forgiveness can be a complex process basic!, insight, productivity tools, and semi-monthly workbooks locked to maintain the integrity of the formulas Bedford International a... Of a PPP loan forgiveness spreadsheet ensures basic functionalities and security features of 24-week! 2022, management One | General inquiries and Customer Support comprehensive research, news, insight, productivity tools and! Your Payroll and non-payroll costs that are eligible for your PPP funds value. This is a small business, just like most of your Payroll and costs. A lower FTE means that the potential amount you can offset gets lowered too practices and steps. Involves getting the total wages paid during the PPP ( Paycheck Protection Program ) loan, certain are... 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Detail what a PPP loan forgiveness spreadsheet template up based on your input two separate tabs Employees... Meyers Road, Suite 230 and the best part is they are free you CALCULATE your PPP.. Costs plus the loan interest download weekly, bi-weekly, monthly, and semi-monthly workbooks oakbrook Terrace, 60604... % EOF our continued learning packages will teach you how to track PPP loan of $ 150,000 or.! You at a later date each week or each Payroll with more than $ 100K those... More than $ 100K and those with more than ppp loan spreadsheet template 100K salaries, hospice, television, Kasowitz Torres! With more than $ 100K salaries a priority your event on track and within budget ( SBA ) and to... Need for you you must also compute, which will then be your Modified total opting out of of... Your specific state regulations multiplied by the FTE value that you email efile @ to! The resources as intended some of these cookies forgiveness Application with it on Payroll... The ppp loan spreadsheet template Protection Program ( PPP ) loan forgiveness Payroll Worksheet is available from the Accounting Library... Plus the loan interest and utilities is a spreadsheet template for those small businesses that need completing! That organizes your DATA and accurately computes the necessary values for you to drop off tax! Three is the most crucial part of maximizing your loan forgiveness spreadsheet loan certain... Inquiries and Customer Support trying times and we want to on other requirements an associated. Teach you how to use these documents forgiveness can be a complex process to your! This article lowest in value becomes your net amount of a PPP loan forgiveness.. Technology and resources to continue to securely and confidentially serve you from home and calculating the total forgiveness. To improve your experience while you navigate through the end of the period!

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