Member of Russell Bedford International, a global network of independent professional service firms. If a date range includes a partial week, the report will round to the nearest whole number of weeks used for calculations. The umbrella term payroll costs may include basic wages, tips, employee benefits, retirement contributions, taxes, and more. We also use third-party cookies that help us analyze and understand how you use this website. This report calculates this amount for all employees, and does not distinguish between employees identified as Officer or Family of Owner. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and Kevin A. Cameron, CPA Phone 813-286-7373 Paycheck Protection Loan Forgiveness Expense Tracker It is not necessary to obtain the password to use these documents. Payroll Cost Calculator for PPP Loan Forgiveness 2. The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. 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. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. Please contact Cray Kaiser for most recent information. Member of Russell Bedford International, a global network of independent professional service firms. Phone: (630) 953-4900 FTE Calculator for PPP Loans 4. Here are three options you may consider for recording and tracking your use of your PPP loan funds. No clients or guests will be allowed in our suite. These contain rows and columns that are loaded with various categories and formulas related to the complicated calculation process. Why You Need a PPP Loan Spreadsheet Template, Free PPP Loan Forgiveness Spreadsheet Templates, 1. Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. 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. PLEASE NOTE: This spreadsheet is locked to maintain the integrity of the formulas. We've previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. 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. Step 5. 53 West Jackson Street, Suite 828 Due to this, those using Form 3508EZ should consider using the Form 3508 calculator. 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 . Oakbrook Terrace, IL 60181 "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. After preparing your total payroll costs, non-payroll expenses, and FTE calculations, you can now start calculating your PPP loan forgiveness amount. When dealing with government funding, its always a good idea to research your specific state regulations. Phone: (630) 953-4900 And most importantly, we also included a section where you can calculate your FTE exceptions. will no longer be mailed by our office to you. 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! endstream Open a separate bank account for your PPP loan. We're sorry. Please read the instructions in the worksheet which indicate how to use the resource as intended. You must have a complete tally of these first before doing this final calculation: (Payroll and non-payroll expenses Salary reductions) FTE reduction quotient. Then, you have to deduct your FTE salary reductions from that sum to get a subtotal. 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. Oak Brook This website uses cookies to improve your experience while you navigate through the website. startxref 1. There is no single formula that will let you calculate your PPP loan forgiveness amount. 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. We can take this off of your plate and help you maximize your loan forgiveness just fill out the form below to get started. The PPP Loan Forgiveness Payroll worksheet assumes that an employee workedstandard hours if all of the following conditions are true. 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. Some of you may already be two to three weeks into your eight-week covered period, so acting fast to do the math will get you better positioned once the loan forgiveness process is in place. We've created a free spreadsheet to help you walk through the application process. This also vouches for the accuracy of your numbers since theyre computed automatically using formulas weve set up for you. From the calculation of your employees wages to their full-time equivalency metrics, here are five spreadsheets that you can access for free. Enter your PPP loan information including the date received, 24-week period ending date and amount of PPP loan. 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? 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. 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 a section doesn't apply to an employer, it won't display in the report. This is because it actually depends on your payroll data, non-payroll expenses, average full-time equivalents, and other relevant metrics. (The file will appear in your downloads). We ask that you email efile@craykaiser.com to request your portal access. Phone: (630) 953-4900 Emma Collins is a tech writer for Spreadsheet Point. 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. During times of recession, and more recently, due to the pandemic, small businesses were assisted with PPP loans to support their enterprises and employees. We wish you, your family, and your business health and safety. 2. 1442 0 obj <> endobj The Salaried amount pay item has an amount associated with it on the payroll check. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. *For example spreadsheet mentioned in May 21 Facebook Live, click here. Today, we are making available the excel spreadsheet template to assemble the SBA 147 Notes via our batch processing software. Step 4. Management One is a small business, just like most of your enterprises. 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. We also included an alternative way to get the FTE value that you can discover in our template. including analysis of cash flow . 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: Please use the Help & How-To Center while we work through these issues. endobj Now, we have created templates for the 24-week covered period. 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. 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. Fax: (630) 953-4905, Chicago We will be holding these items in our office to send to you at a later date. The required documents consist of payroll reports, health insurance statements, and more. 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. For entities with loan funds in excess of $2,000,000, it may be necessary to substantiate this documentation with projections and financial amounts in the event of an audit. You can download the Excel template through this link or the link in the comments. Additionally, we are now offering PPP loan forgiveness calculations as a service for a flat fee of just 2% of the loan amount. In the 8 weeks after you get a PPP Loan, you need to be sure you spend the money at least 75% on payroll and. NUMBER OF EE's (EXCEL) GROSS RECEIPTS TEST 2020 & 2021 (EXCEL) CALC TOTAL ERTC "WAGES" w/ HEALTH (EXCEL) ANALYSIS: MAX ERTC & PPP LOAN FORGIVENESS (EXCEL)) ERTC CALCULATION WORKSHEET 2020 & 2021 (EXCEL) IRS LINKS & ERTC RESOURCES Its now time to start tracking your use of the funds to determine the amount to be forgiven. 0 Step 3. April 20 2020. 1164 0 obj Instead, please drop off any packages outside the office door of our suite in the box provided. Chicago, IL 60604 It is mandatory to procure user consent prior to running these cookies on your website. Should any questions arise as you complete these calculations with the PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900. Calculating your FTEs is the most crucial part of maximizing your loan forgiveness amount. Our template, in this regard, functions pretty similarly to our Payroll Costs Spreadsheet but is optimized for Schedule A calculations for cash compensation for employees. Sheet1 Company Name Recommended Best Practices April 15, 2020 to June 15, 2020 Note:,This file is intended to assist you in the evaluation of the use of PPP funds and is not intended to be submitted to lenders or the SBA for purposes of loan forgiveness Upon receipt of loan documents: Have a boa. Email - Expect a 24-48 hour turnaround Download .pdf File size: 373KB Effective : July 30, 2021 Owned by : Office of Capital Access OMB Control Number : 3245-0407 hb```f``z l, ~``X8AmWpe[$ 4uT EE$et5Ue11XXY G%F''&Y9;:{D9yyExu21eef That was quite messy, right? 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. 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. Examples may include check register, bills, statements, leasing agreements with payment records attached. If Applicant is a news organization that PPP Forgiveness Calculator 5. PPP vs. ERTC: ECONOMIC VALUE CALC (pdf) EXCEL SPREADSHEETS PPP vs. ERTC: ECONOMIC VALUE CALC (Excel) CALCULATE AVG. Werner & Co. can help you maintain best practices and proper bookkeeping for the Paycheck Protection Program. 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. Any remaining balance becomes a loan with an interest rate of 1% for two years. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. These cookies will be stored in your browser only with your consent. 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. A lower FTE means that the potential amount you can offset gets lowered too. PPP loan forgiveness spreadsheet templates can help streamline and automate your calculation processes when filing your application. She's been writing tech tutorials & how-to guides on Windows, Android, iOS, Social Media, Data Recovery, Cybersecurity, Gaming, and more as a tech writer for over 6 years. Our template allows you to allocate your funds more precisely into several weeks (depending on your coverage period). . Whichever of the three is the lowest in value becomes your net amount of forgiveness. 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. You also have the option to opt-out of these cookies. 1. 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. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Thank you for your patience and understanding during this challenging time. Monadnock Building Fax: (630) 953-4905, Chicago 1. How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) Payroll Cost Calculator for PPP Loan Forgiveness, 5. Remember those sleepless nights before receiving the funding? Updated Jan. 11, 2023 Search for PPP loan applications by organization, lender, zip code and business type. Fill out the form to get our free loan forgiveness calculator spreadsheet, including: *Access the SBA's official Loan Forgiveness Application here. Oakbrook Terrace, IL 60181 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 CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. PPP loan forgiveness. All you need to do is feed it with the values you calculated using our other templates, and the forgiveness amount will be displayed in just a few seconds. We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. 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. All loan terms will be the same for everyone. Plan for your next event with this budget template that enables you to document and track your spend in categories, like staffing, marketing, travel, and more. Track Headcount of your Employees each week or each Payroll. (SBA) and Treasury to estimate the amount of a PPP loan a borrower may be eligible for. However, keeping track of your qualified expenses and calculating the total loan forgiveness can be a complex process. NOTE: The PPP Forgiveness Application provides for an "Alternative Payroll Covered Period that begins on the first day of the first pay period following the receipt of loan proceeds on compensation for . Limit owner salary to $20,833 and any non-owner with annual salary above $100,000 to $46,154. . A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. On top of that, weve also provided the fields for eligible non-payroll expenses in several columns. Expense Type C&L Value Advisors, LLCVersion 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. Free PPP Loan Forgiveness Spreadsheet Templates 1. And to qualify for this, borrowers must use at least 60% of their funds in payroll expenses and the rest on other eligible payments. 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. 2021 - PPP Loan Forgiveness Rules. These cookies do not store any personal information. All paper files, tax returns etc. %%EOF If one or more of those conditions are not true, the PPP Loan Forgiveness Payroll worksheet uses the actual hours as recorded on the payroll check. Learn more. 3,191 views May 19, 2020 https://tinyurl.com/y9lx9c76 - In this how to track PPP loan expenses. Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. These cookies do not store any personal information. Here are three options you may consider for recording and tracking your use of your PPP loan funds. 1901 S. Meyers Road, Suite 230 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 Were currently experiencing service issues for contacting Support. What Is the Formula for PPP Loan Forgiveness? $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. Existing borrowers may be eligible for PPP loan forgiveness. Corporate technology solutions for global tax compliance and decision making. Consult with your payroll provider to properly track Sick/Medical Leave. The SBA recently released the PPP loan forgiveness application. 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. Learn more. The SBA recently released the PPP loan forgiveness application. Aside from the forgiveness form, borrowers must also submit reports like total payroll documentation, proof of payments, FTE files, non-payroll documentation, and certification of eligible expenses to apply. 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. The Salaried amount pay item has 0 regular hours recorded on the payroll check. 1901 S. Meyers Road, Suite 230 If you would like a retail expert to assist you in using this tool, please check the box on the form. 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. We will no longer have in-person drop offs of accounting/tax data. hbbd```b``"H M,n &M`?d" +` 5Drd!Da 5@&FVC8#]K } Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 . *For spreadsheet instructions, click here. Integrated software and services for tax and accounting professionals. This category only includes cookies that ensures basic functionalities and security features of the website. Download our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. 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. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. Please contact Cray Kaiser for most recent information. This website uses cookies to improve your experience while you navigate through the website. Download the PPP Loan Calculator Non-seasonal & In business, File name: ppp-loan-calculator-non-seasonal-operational-in-2019.xlsx, Download the PPP Loan Calculator Nonseasonal & NOT in business, File name: ppp-loan-calculator-non-seasonal-non-operational-in-2019.xlsx, Download the PPP Loan Calculator Seasonal business, File name: ppp-loan-calculator-seasonal-employers.xlsx, Download the PPP Loan Calculator Self-employed, File name: ppp-loan-calculator-self-employed.xlsx, Every bit of feedback you provide will help us improve your experience. SpreadsheetPoint is supported by its audience. File name: ppp-loan-calculator-non . 2021 - PPP Worksheet Instructional Guide. 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. Home 5 Best PPP Loan Forgiveness Spreadsheet Templates. When you purchase through links on our site, we may earn an affiliate commission. We've created a free spreadsheet to help you walk through the application process. Member FDIC. . PPP Schedule A Worksheet for Cash Compensation. 4. Call us at +1 800 968 0600. We will continue to support you as best as we can while keeping each others health a priority. 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. 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). It is not necessary to obtain the password to use these documents. Can you tell us why? This worksheet may assist in summarizing key . Try our solution finder tool for a tailored set of products and services. %PDF-1.6 % Work closely with your loan provider to answer key questions and confirm what documentation is required to track expenses/payments. JPMorgan Chase Bank, N.A. Your online resource to get answers to your product and industry questions. 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. Our team members are being encouraged to work remotely. If you received your PPP loan on or after June 5, 2020, you must use the 24-week (168-day) period beginning on the . endstream endobj startxref 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. PPP Loan Forgiveness Calculations Service Open a separate bank account for your PPP loan. 0 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.. 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. Since youre tracking your finances in a spreadsheet, it will be easy for you to retrieve the necessary data that you have to present. They also ensure that your numbers are accurate and organized. 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. PPP Schedule A Worksheet for Cash Compensation Frequently Asked Questions 1. htR;HA}{AS({? uFALaIyP$\.&bBtw7f, k#C"# Phone: (630) 953-4900 Consult with your accountant and/or loan provider to receive full information about your region. 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. All in-person meetings are cancelled. It is not necessary to obtain the password to use this document. 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. 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 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. 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. Track Headcount of your Employees each week or each Payroll. Download Excel | Try Smartsheet. Udemy has a lot of Google Sheets masterclasses,too, in case you want to grow your skills in using the app. What Reports Are Needed for PPP Loan Forgiveness? 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 Get the most out of your Thomson Reuters Tax & Accounting products. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. April 12, 2023 . Weve added two separate tabs for employees earning under $100K and those with more than $100K salaries. Developed a tracking spreadsheet in Excel for the PPP loan forgiveness process and worked closely with staff to meet federal PPP loan reporting requirements. What Is the Formula for PPP Loan Forgiveness? +W > [Content_Types].xml ( UJ1}%MUn}1f{'RZe9s3]zWAB|#`ot;8Fs@q9>=#`)Qw+C+zE.
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