Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. 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]. Instead, please drop off any packages outside the office door of our suite in the box provided. Instead, we will be utilizing phone calls and/or email to communicate with our clients. 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. Fill out the form below to download the new worksheet. Werner & Co. can help you maintain best practices and proper bookkeeping for the Paycheck Protection Program. 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. We will no longer have in-person drop offs of accounting/tax data. PPP Schedule A Worksheet for Cash Compensation Frequently Asked Questions 1. 1. Payroll Cost Calculator for PPP Loan Forgiveness, 5. 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. Were currently experiencing service issues for contacting Support. In our templates, we made sure that the calculations are based on the rules and guidelines set by the Small Business Administrationto ensure that users meet compliance requirements. PPP lender information. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. Member of Russell Bedford International, a global network of independent professional service firms. Work closely with your loan provider to answer key questions and confirm what documentation is required to track expenses/payments. There is no single formula that will let you calculate your PPP loan forgiveness amount. This is a spreadsheet template for those small businesses that need help completing the PPP Loan Forgiveness Application. 3,191 views May 19, 2020 https://tinyurl.com/y9lx9c76 - In this how to track PPP loan expenses. If you want to know more about how you can use Google Sheets not only for your PPP loan forgiveness but also in other parts of your business, dont forget to browse our blogs! SpreadsheetPoint is supported by its audience. Enter the borrower's total FTE (a) for a PPP loan made before December 27, 2020, as of December 31, 2020 or (b) for a PPP loan made after December 27, 2020, the last day of the covered period: . Enter your PPP loan information including the date received, 24-week period ending date and amount of PPP loan. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. PPP vs. ERTC: ECONOMIC VALUE CALC (pdf) EXCEL SPREADSHEETS PPP vs. ERTC: ECONOMIC VALUE CALC (Excel) CALCULATE AVG. If Applicant is a news organization that This includes the SBA 147 Note, Closing Certification, and . Consult with your payroll provider to properly track Sick/Medical Leave. 53 West Jackson Street, Suite 828 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. Weve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. Its now time to start tracking your use of the funds to determine the amount to be forgiven. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. CARES Act PPP Loan Expense Tracker & Forgiveness Calculator Version 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. Oakbrook Terrace, IL 60181 Now, we have created templates for the 24-week covered period. 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. Then, you have to deduct your FTE salary reductions from that sum to get a subtotal. The SBA recently released the PPP loan forgiveness application. endstream Here are three options you may consider for recording and tracking your use of your PPP loan funds. Monadnock Building Please contact Cray Kaiser for most recent information. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. Learn more. What Is the Formula for PPP Loan Forgiveness? If any changes occur during the course of the next few days, we will update our website. 2021 - PPP Worksheet Instructional Guide. Download our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. 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. Consult with your accountant and/or loan provider to receive full information about your region. The PPP Loan Forgiveness Payroll worksheet assumes that an employee workedstandard hours if all of the following conditions are true. *For more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com. Updated Jan. 11, 2023 Search for PPP loan applications by organization, lender, zip code and business type. (optional), Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave calculation examples. Phone: (630) 953-4900 These cookies will be stored in your browser only with your consent. What Is a PPP Loan Forgiveness Spreadsheet? We're sorry. 2021 - PPP Loan Forgiveness Rules. Please read the instructions in the worksheet which indicate how to use the resources as intended. Download .pdf File size: 373KB Effective : July 30, 2021 Owned by : Office of Capital Access OMB Control Number : 3245-0407 To make things easier, weve compiled these five PPP loan forgiveness spreadsheet templates that are readily available for download and use. It is not necessary to obtain the password to use this document. PPP Forgiveness Calculator 5. ;}h|19F$+Dt#2. Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. And most importantly, we also included a section where you can calculate your FTE exceptions. hbbd```b``"H M,n &M`?d" +` 5Drd!Da 5@&FVC8#]K } Oak Brook April 12, 2023 . 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.. 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. We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. Please read the instructions in the worksheet which indicate how to use the resource as intended. Track Headcount of your Employees each week or each Payroll. 6. Should any questions arise as you complete these calculations with the PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900. 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. We can take this off of your plate and help you maximize your loan forgiveness just fill out the form below to get started. 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! Step 5. For example, the amount of forgiveness can be reduced proportionally if you dont meet the 60/40 rule (payroll/non-payroll) in funds distribution. 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. That was quite messy, right? Your online resource to get answers to your product and industry questions. Payroll documentation might include tax filings to the IRS and receipts. 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. 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. 4.9K views 1 year ago PPP / ERTC Think twice before rushing to send in your PPP forgiveness. Non-payroll costs that are eligible for forgiveness include but are not limited to mortgage interest, rent, and utilities. Thank you for your patience and understanding during this challenging time. PPP loan forgiveness. Fax: (630) 953-4905, Chicago 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: 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? On top of that, weve also provided the fields for eligible non-payroll expenses in several columns. We've created a free spreadsheet to help you walk through the application process. It is mandatory to procure user consent prior to running these cookies on your 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. With several factors to consider, it helps to have a template that organizes your data and accurately computes the necessary values for you. The SBA recently released the PPP loan forgiveness application. Those are the reasons why you needed these funds! But opting out of some of these cookies may affect your browsing experience. Necessary cookies are absolutely essential for the website to function properly. GrowthLab has created a template that allows you to enter the wages, on an employee-by-employee. 53 West Jackson Street, Suite 828 When you purchase through links on our site, we may earn an affiliate commission. Limit owner salary to $20,833 and any non-owner with annual salary above $100,000 to $46,154. Necessary cookies are absolutely essential for the website to function properly. We last shared some best practices and next steps once you receive your PPP funds. Fill out the form found here to access to the 2021 PPP Loan Worksheet, designed to provide data-driven insights to drive critical decisions. endobj We've created a free spreadsheet to help you walk through the application process. Call us at +1 800 968 0600. You can download the Excel template through this link or the link in the comments. 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. 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. Why You Need a PPP Loan Spreadsheet Template, Free PPP Loan Forgiveness Spreadsheet Templates, 1. Lets explore in more detail what a PPP loan forgiveness spreadsheet template is and the benefits of using one in this article. Integrated software and services for tax and accounting professionals. Supplemental support documents "SBA PPP Loan Borrower Disbursement Authorization" and "SBA PPP Loan Borrower's Certification" can be added. Learn more. 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. 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). What Reports Are Needed for PPP Loan Forgiveness? Remember those sleepless nights before receiving the funding? Expense Type C&L Value Advisors, LLCVersion 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. Step 3. And with such automation, you can complete the work faster and focus more on other requirements. Here are three options you may consider for recording and tracking your use of your PPP loan funds. Please use the Help & How-To Center while we work through these issues. The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. You also have the option to opt-out of these cookies. Fax: (630) 953-4905, Chicago All in-person meetings are cancelled. Track Headcount of your Employees each week or each Payroll. You also have the option to opt-out of these cookies. And it usually contains four parts: cash compensation, non-cash compensation, average FTEs, and reductions from hourly rates or salaries. 5. Learn more. Existing borrowers may be eligible for PPP loan forgiveness. 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. Event Budget Template. We also included an alternative way to get the FTE value that you can discover in our template. Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. Download the PPP Loan Calculator - Non-seasonal & In business. %%EOF 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. Comprehensive research, news, insight, productivity tools, and more. 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 . Can you tell us why? Enter the total wages paid during the PPP coverage period, after the mandated shutdown ended and through the end of the 24-week period. Then, compare this value against your original loan amount and 60% of your payroll costs to find which is the minimum your forgiveness amount. a They also ensure that your numbers are accurate and organized. Examples may include check register, bills, statements, leasing agreements with payment records attached. 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. . Now, we have created templates for the 24-week covered period. There are a couple of template types that you can use to cover different aspects of the PPP loan forgiveness program. 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. Free PPP Loan Forgiveness Spreadsheet Templates 1. 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. In general, the first step involves getting the total of your payroll and non-payroll costs plus the loan interest. 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. 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. We wish you, your family, and your business health and safety. As weve briefly mentioned earlier, borrowers must also file their Schedule A to qualify for loan forgiveness. Downloadable PPP Expense Spreadsheet. April 20 2020. CARES Act - Paycheck Protection Program Loan Forgiveness Spreadsheet. What Is the Formula for PPP Loan Forgiveness? 2. employee retention credit calculation spreadsheet. 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. (The file will appear in your downloads). 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. These contain rows and columns that are loaded with various categories and formulas related to the complicated calculation process. To aid you in this process, weve prepared a few Excel workbooks which you can download by clicking the link below. 5 Best PPP Loan Forgiveness Spreadsheet Templates. 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. This will eliminate the need for you to drop off your tax information at our office. hb```f``z l, ~``X8AmWpe[$ 4uT EE$et5Ue11XXY G%F''&Y9;:{D9yyExu21eef The loan provides for an "8-week loan use period", so we have included a "Week 9" to address receipt of loans mid-week. 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.