Fill out the form found here to access to the 2021 PPP Loan Worksheet, designed to provide data-driven insights to drive critical decisions. You also have the option to opt-out of these cookies. We're sorry. Learn more. What Is a PPP Loan Forgiveness Spreadsheet? 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. 1901 S. Meyers Road, Suite 230 employee retention credit calculation spreadsheet. Chat - Best option for simple questions Copyright 2022, Management One | General inquiries and Customer Support. Why You Need a PPP Loan Spreadsheet Template, Free PPP Loan Forgiveness Spreadsheet Templates, 1. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. 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.. will no longer be mailed by our office to you. 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. endstream It is not necessary to obtain the password to use these documents. NUMBER OF EE's (EXCEL) GROSS RECEIPTS TEST 2020 & 2021 (EXCEL) CALC TOTAL ERTC "WAGES" w/ HEALTH (EXCEL) ANALYSIS: MAX ERTC & PPP LOAN FORGIVENESS (EXCEL)) ERTC CALCULATION WORKSHEET 2020 & 2021 (EXCEL) IRS LINKS & ERTC RESOURCES 2. Management One is a small business, just like most of your enterprises. Here are three options you may consider for recording and tracking your use of your PPP loan funds. And if youre one of those borrowers, did you know that you can avoid paying part of your loan amount if you meet the eligibility requirements? Learn more. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. PPP Loan Forgiveness Calculations Service Necessary cookies are absolutely essential for the website to function properly. JPMorgan Chase Bank, N.A. This category only includes cookies that ensures basic functionalities and security features of the website. Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. Can you tell us why? hb```f``z l, ~``X8AmWpe[$ 4uT EE$et5Ue11XXY G%F''&Y9;:{D9yyExu21eef On top of that, weve also provided the fields for eligible non-payroll expenses in several columns. Chicago, IL 60604 PPP lender information. including analysis of cash flow . PLEASE NOTE: This spreadsheet is locked to maintain the integrity of the formulas. . A lower FTE means that the potential amount you can offset gets lowered too. 1468 0 obj <>/Filter/FlateDecode/ID[<4AA19B609AEF5B43B21B76684B503CC5><136E88AB77667544AF58C37EEED9DFC9>]/Index[1442 48]/Info 1441 0 R/Length 122/Prev 275229/Root 1443 0 R/Size 1490/Type/XRef/W[1 3 1]>>stream As weve briefly mentioned earlier, borrowers must also file their Schedule A to qualify for loan forgiveness. Step 5. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and CARES Act - Paycheck Protection Program Loan Forgiveness Spreadsheet. Identify resource costs and plan an amount to budget for each area to keep your event on track and within budget. Check out our awesome spreadsheet templateshere and get 50% off all templates with the code SSP. Learn more. 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. PK ! You can find her work on many established tech websites, including Productivity Spot, Hackr.io, MakeUseOf, Help Desk Geek, Online Tech Tips, HandyRecovery, Cleverfiles, and more. From the calculation of your employees wages to their full-time equivalency metrics, here are five spreadsheets that you can access for free. Phone: (630) 953-4900 They also ensure that your numbers are accurate and organized. For current PPP Loan Requirements go to sba.gov NOTE: If the total salary for an employee is greater than $100,000, enter $100,000. 1. Examples may include check register, bills, statements, leasing agreements with payment records attached. Integrated software and services for tax and accounting professionals. Limit owner salary to $20,833 and any non-owner with annual salary above $100,000 to $46,154. Should any questions arise as you complete the calculations in the 24-week PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900. Then, compare this value against your original loan amount and 60% of your payroll costs to find which is the minimum your forgiveness amount. It is not necessary to obtain the password to use these documents. Get the most out of your Thomson Reuters Tax & Accounting products. Please contact Cray Kaiser for most recent information. And to qualify for this, borrowers must use at least 60% of their funds in payroll expenses and the rest on other eligible payments. If any changes occur during the course of the next few days, we will update our website. Expense Type C&L Value Advisors, LLCVersion 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. 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. Now, we have created templates for the 24-week covered period. This will eliminate the need for you to drop off your tax information at our office. This website uses cookies to improve your experience while you navigate through the website. Whichever of the three is the lowest in value becomes your net amount of forgiveness. PPP Schedule A Worksheet for Cash Compensation. 2. Phone: (630) 953-4900 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. 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 Oak Brook Fill out the form to get our free loan forgiveness calculator spreadsheet, including: Forgiveness Amount Calculation PPP Schedule and Worksheet Salary/Hourly Wage Reduction FTE Reduction Safe Harbor (optional), Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave calculation examples. 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. When you purchase through links on our site, we may earn an affiliate commission. Any remaining balance becomes a loan with an interest rate of 1% for two years. 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. Additionally, we are now offering PPP loan forgiveness calculations as a service for a flat fee of just 2% of the loan amount. Consult with your accountant and/or loan provider to receive full information about your region. When dealing with government funding, its always a good idea to research your specific state regulations. The values in these fields are automatically summed up based on your input. Kevin A. Cameron, CPA Phone 813-286-7373 Paycheck Protection Loan Forgiveness Expense Tracker File name: ppp-loan-calculator-non . You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks. All paper files, tax returns etc. Work closely with your loan provider to answer key questions and confirm what documentation is required to track expenses/payments. The SBA recently released the PPP loan forgiveness application. 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). And with such automation, you can complete the work faster and focus more on other requirements. 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. And the best part is they are free! All loan proceeds will be used only for business-related purposes as specified in the loan application and consistent with the Paycheck Protection Program Rules including the prohibition on using loan proceeds for lobbying activities and expenditures. All in-person meetings are cancelled. 0 Member of Russell Bedford International, a global network of independent professional service firms. Your online resource to get answers to your product and industry questions. We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. April 20 2020. 1442 0 obj <> endobj These cookies will be stored in your browser only with your consent. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. 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. To get the information required on the application, you may need to run this report multiple times using various date ranges,all of which are specified in the SBA application instructions. Supplemental support documents "SBA PPP Loan Borrower Disbursement Authorization" and "SBA PPP Loan Borrower's Certification" can be added. If you received your PPP loan on or after June 5, 2020, you must use the 24-week (168-day) period beginning on the PPP . 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. Werner & Co. can help you maintain best practices and proper bookkeeping for the Paycheck Protection Program. Enter your PPP loan information including the date received, 24-week period ending date and amount of PPP loan. The more you buy, the more you save with our quantity discount pricing. We will no longer have in-person drop offs of accounting/tax data. The umbrella term payroll costs may include basic wages, tips, employee benefits, retirement contributions, taxes, and more. Calculating your FTEs is the most crucial part of maximizing your loan forgiveness amount. Phone: (630) 953-4900 You must have a complete tally of these first before doing this final calculation: (Payroll and non-payroll expenses Salary reductions) FTE reduction quotient. *For more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com. The Salaried amount pay item has an amount associated with it on the payroll check. 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. 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. Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. What Is the Formula for PPP Loan Forgiveness? 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. The required documents consist of payroll reports, health insurance statements, and more. If Applicant is a news organization that No clients or guests will be allowed in our suite. *For spreadsheet instructions, click here. Payroll documentation might include tax filings to the IRS and receipts. Effective immediately: We want to remind our clients of our portal access and your ability to safely and securely share your information with our team. 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! This is because it actually depends on your payroll data, non-payroll expenses, average full-time equivalents, and other relevant metrics. 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. 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. 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. 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. 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