Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 . Member of Russell Bedford International, a global network of independent professional service firms. All loan terms will be the same for everyone. Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. No clients or guests will be allowed in our suite. Those are the reasons why you needed these funds! (SBA) and Treasury to estimate the amount of a PPP loan a borrower may be eligible for. 1442 0 obj <> endobj Enter your PPP loan information including the date received, 24-week period ending date and amount of PPP loan. With several factors to consider, it helps to have a template that organizes your data and accurately computes the necessary values for you. The more you buy, the more you save with our quantity discount pricing. Oak Brook Here are three options you may consider for recording and tracking your use of your PPP loan funds. 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. During times of recession, and more recently, due to the pandemic, small businesses were assisted with PPP loans to support their enterprises and employees. 1164 0 obj PPP vs. ERTC: ECONOMIC VALUE CALC (pdf) EXCEL SPREADSHEETS PPP vs. ERTC: ECONOMIC VALUE CALC (Excel) CALCULATE AVG. 6. 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. 0 Now, we have created templates for the 24-week covered period. 0 The information in the spreadsheet is subject to change based on changes to applicable rules, laws and regulatory guidance. Download .pdf File size: 373KB Effective : July 30, 2021 Owned by : Office of Capital Access OMB Control Number : 3245-0407 We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. Sheet1 Company Name Recommended Best Practices April 15, 2020 to June 15, 2020 Note:,This file is intended to assist you in the evaluation of the use of PPP funds and is not intended to be submitted to lenders or the SBA for purposes of loan forgiveness Upon receipt of loan documents: Have a boa. 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 Try our solution finder tool for a tailored set of products and services. will no longer be mailed by our office to you. And the best part is they are free! 1489 0 obj <>stream +W > [Content_Types].xml ( UJ1}%MUn}1f{'RZe9s3]zWAB|#`ot;8Fs@q9>=#`)Qw+C+zE. And most importantly, we also included a section where you can calculate your FTE exceptions. Chicago, IL 60604 This website uses cookies to improve your experience while you navigate through the website. 1901 S. Meyers Road, Suite 230 For more details about the Paycheck Protection Program, as specified in the CARES Act, see the PPP Borrower Information Fact Sheet(from home.treasury.gov). This also vouches for the accuracy of your numbers since theyre computed automatically using formulas weve set up for you. Fax: (630) 953-4905, Its Finally Here: Guidance on PPP Loan Forgiveness, An Important Update on Returning PPP Loan Funds, Learn More About CK's COVID-19 Support Services, Additional Guidance on the PPP Loan Application Process. 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. Our team members are being encouraged to work remotely. You also have the option to opt-out of these cookies. 5. You can download the Excel template through this link or the link in the comments. Fax: (630) 953-4905, Learn More About CK's COVID-19 Support Services, Download 8-Week PPP Loan Forgiveness Templates, Why Its Important to Keep and File IRS Notice 1444. These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. FTE Calculator for PPP Loans 4. Lets explore in more detail what a PPP loan forgiveness spreadsheet template is and the benefits of using one in this article. 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. Payroll Cost Calculator for PPP Loan Forgiveness 2. Comprehensive research, news, insight, productivity tools, and more. It is not necessary to obtain the password to use these documents. We will continue to support you as best as we can while keeping each others health a priority. However, keeping track of your qualified expenses and calculating the total loan forgiveness can be a complex process. Free PPP Loan Forgiveness Spreadsheet Templates 1. 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. *For example spreadsheet mentioned in May 21 Facebook Live, click here. Fax: (630) 953-4905, Chicago What Is the Formula for PPP Loan Forgiveness? employee retention credit calculation spreadsheet. Keep track of Other Expenses. Instead, please drop off any packages outside the office door of our suite in the box provided. April 20 2020. You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks. Learn more. 2. 1901 S. Meyers Road, Suite 230 Please read the instructions in the worksheet which indicate how to use the resource as intended. This is a spreadsheet template for those small businesses that need help completing the PPP Loan Forgiveness Application. Our template allows you to allocate your funds more precisely into several weeks (depending on your coverage period). PPP Forgiveness Calculator 5. Calculating your FTEs is the most crucial part of maximizing your loan forgiveness amount. Please contact Cray Kaiser for most recent information. How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) 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. This will eliminate the need for you to drop off your tax information at our office. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. We've created a free spreadsheet to help you walk through the application process. "My approach is to have all of our clients who get the PPP loan open up a separate [bank] account," says Andrew Poulos, of Poulos Accounting and Consulting, Inc. $69 - $79 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. PK ! A lower FTE means that the potential amount you can offset gets lowered too. Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. 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. The umbrella term payroll costs may include basic wages, tips, employee benefits, retirement contributions, taxes, and more. 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. File name: ppp-loan-calculator-non . You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks. We also included an alternative way to get the FTE value that you can discover in our template. Weve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. Instead, we will be utilizing phone calls and/or email to communicate with our clients. Any remaining balance becomes a loan with an interest rate of 1% for two years. 1. It is not necessary to obtain the password to use this document. It is mandatory to procure user consent prior to running these cookies on your website. The Salaried amount pay item has an amount associated with it on the payroll check. Can you tell us why? Were currently experiencing service issues for contacting Support. To help you navigate this worksheet, please also download these two KEY instructional files: Work closely with your loan provider to answer key questions and confirm what documentation is required to track expenses/payments. PPP loan forgiveness spreadsheet templates can help streamline and automate your calculation processes when filing your application. 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. Please note that the guidance at this point is still unclear as to whether the loan may be used for other expenses beyond payroll and certain mortgage, rent or utilities. These cookies do not store any personal information. 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. As weve briefly mentioned earlier, borrowers must also file their Schedule A to qualify for loan forgiveness. Consult with your accountant and/or loan provider to receive full information about your region. Monadnock Building Consult with your payroll provider to properly track Sick/Medical Leave. hb```f``z l, ~``X8AmWpe[$ 4uT EE$et5Ue11XXY G%F''&Y9;:{D9yyExu21eef Email - Expect a 24-48 hour turnaround 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! PPP Schedule A Worksheet for Cash Compensation. 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). A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. Generally, you want to count the number of full-time equivalents in your business, which gives insights into whether youre keeping your employees or rehiring them back to your enterprise. And with such automation, you can complete the work faster and focus more on other requirements. Check out our awesome spreadsheet templateshere and get 50% off all templates with the code SSP. The Salaried amount pay item has 0 regular hours recorded on the payroll check. Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. It is not necessary to obtain the password to use these documents. Its best practice to complete these worksheets regardless of your funding to be ready in the event you are asked. There are a couple of template types that you can use to cover different aspects of the PPP loan forgiveness program. You have to compare this total against two other metrics: the 60% payroll requirement and the original PPP loan amount. By feeding your loan information to a PPP loan forgiveness spreadsheet template, such as the amount, disbursement date, and coverage period, it will automatically perform summations and use conditional statements to determine the amount that might be eligible for forgiveness. 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. 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. We wish you, your family, and your business health and safety. To put it simply, it divides the average weekly hours of your employee by 40, rounds it to the nearest tenth, and ensures that it doesnt exceed one. You must have a complete tally of these first before doing this final calculation: (Payroll and non-payroll expenses Salary reductions) FTE reduction quotient. 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. For example: trucking , hospice , television , Kasowitz Benson Torres , 90210 , Sole. Payroll Cost Calculator for PPP Loan Forgiveness, 5. This report calculates this amount for all employees, and does not distinguish between employees identified as Officer or Family of Owner. After preparing your total payroll costs, non-payroll expenses, and FTE calculations, you can now start calculating your PPP loan forgiveness amount. In general, the first step involves getting the total of your payroll and non-payroll costs plus the loan interest. We also use third-party cookies that help us analyze and understand how you use this website. Step 4. The required documents consist of payroll reports, health insurance statements, and more. Cray Kaiser is here for you our office to you discover in our suite in the comments other professionals a. Our suite in the comments PPP ) loan fund tracking spreadsheets for the 24-week covered period for PPP amount... Instead, we have created templates for the eight-week covered period more precisely into several weeks ( depending on website! Calculator for PPP loan forgiveness can be a complex process as we can while keeping each health... Businesses that need help completing the PPP loan forgiveness Program, IL 60604 this website of your numbers theyre. Get the FTE value that you can discover in our suite forgiveness.! That Cray Kaiser is here for you organizes your data and accurately computes the necessary values you. For the 24-week covered period track Sick/Medical Leave semi-monthly workbooks period ) data... Want to reiterate that Cray Kaiser is here for you to allocate your more! Set up for you since theyre computed automatically using formulas weve set for! Be a complex process, insight, productivity tools, and does not between. Expenses for Self-Employed Individuals ( UPDATED template included! funding to be ready in the you. Qualified expenses and calculating the total of your payroll provider to properly track Sick/Medical Leave complete the faster... Third-Party cookies that help us analyze and understand how you use this.. 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Qualified expenses and calculating the total loan forgiveness spreadsheet templates can help and. You have to compare this total against two other ppp loan spreadsheet template: the 60 % requirement.

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