Please contact Cray Kaiser for most recent information. Open a separate bank account for your PPP loan. File name: ppp-loan-calculator-non . If you received your PPP loan on or after June 5, 2020, you must use the 24-week (168-day) period beginning on the . 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 . 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 will no longer have in-person drop offs of accounting/tax data. Phone: (630) 953-4900 Supplemental support documents "SBA PPP Loan Borrower Disbursement Authorization" and "SBA PPP Loan Borrower's Certification" can be added. Member of Russell Bedford International, a global network of independent professional service firms. Here are three options you may consider for recording and tracking your use of your PPP loan funds. 5. 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 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. Comprehensive research, news, insight, productivity tools, and more. Download the PPP Loan Calculator - Non-seasonal & In business. We wish you, your family, and your business health and safety. The SBA recently released the PPP loan forgiveness application. PPP Schedule A Worksheet for Cash Compensation. This website uses cookies to improve your experience while you navigate through the website. . Payroll Cost Calculator for PPP Loan Forgiveness 2. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. ;}h|19F$+Dt#2. Please use the Help & How-To Center while we work through these issues. 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. Management One is a small business, just like most of your enterprises. We also use third-party cookies that help us analyze and understand how you use this website. Consult with your payroll provider to properly track Sick/Medical Leave. Phone: (630) 953-4900 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. Payroll documentation might include tax filings to the IRS and receipts. Open a separate bank account for your PPP loan. Copyright 2022, Management One | General inquiries and Customer Support. 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. 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 are standard hours?). This category only includes cookies that ensures basic functionalities and security features of the website. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. And with such automation, you can complete the work faster and focus more on other requirements. including analysis of cash flow . . 4. 2. PPP Forgiveness Calculator 5. 1. 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. endstream PPP Loan Forgiveness Calculations Service 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. 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 this document. Please contact Cray Kaiser for most recent information. Emma Collins is a tech writer for Spreadsheet Point. Now, we have created templates for the 24-week covered period. Integrated software and services for tax and accounting professionals. d11ma.,-+(*,6aFof:;?7gzWsc{]V-L[Z|l. This will eliminate the need for you to drop off your tax information at our office. The Salaried amount pay item has an amount associated with it on the payroll check. Then, compare this value against your original loan amount and 60% of your payroll costs to find which is the minimum your forgiveness amount. Member FDIC. FTE Calculator for PPP Loans 4. A lower FTE means that the potential amount you can offset gets lowered too. 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. 53 West Jackson Street, Suite 828 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. What Reports Are Needed for PPP Loan Forgiveness? 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: . 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. Existing borrowers may be eligible for PPP loan forgiveness. Work closely with your loan provider to answer key questions and confirm what documentation is required to track expenses/payments. We will be holding these items in our office to send to you at a later date. Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. Oakbrook Terrace, IL 60181 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. In general, the first step involves getting the total of your payroll and non-payroll costs plus the loan interest. You also have the option to opt-out of these cookies. SpreadsheetPoint is supported by its audience. Download Excel | Try Smartsheet. 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. %%EOF $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. Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 . 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. But opting out of some of these cookies may affect your browsing experience. This subtotal must be multiplied by the FTE reduction quotient that you must also compute, which will then be your Modified Total. The PPP Loan Forgiveness Payroll worksheet assumes that an employee workedstandard hours if all of the following conditions are true. They also ensure that your numbers are accurate and organized. Now, we have created templates for the 24-week covered period. 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. Today, we are making available the excel spreadsheet template to assemble the SBA 147 Notes via our batch processing software. 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. 2. During times of recession, and more recently, due to the pandemic, small businesses were assisted with PPP loans to support their enterprises and employees. startxref Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. 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 Payroll Cost Calculator for PPP Loan Forgiveness, 5. There is no single formula that will let you calculate your PPP loan forgiveness amount. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. 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! +W > [Content_Types].xml ( UJ1}%MUn}1f{'RZe9s3]zWAB|#`ot;8Fs@q9>=#`)Qw+C+zE. 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. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Necessary cookies are absolutely essential for the website to function properly. With several factors to consider, it helps to have a template that organizes your data and accurately computes the necessary values for you. This also vouches for the accuracy of your numbers since theyre computed automatically using formulas weve set up for you. The loan provides for an "8-week loan use period", so we have included a "Week 9" to address receipt of loans mid-week. Fax: (630) 953-4905, Chicago *For spreadsheet instructions, click here. 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. Home 5 Best PPP Loan Forgiveness Spreadsheet Templates. For example, the amount of forgiveness can be reduced proportionally if you dont meet the 60/40 rule (payroll/non-payroll) in funds distribution. Please read the instructions in the worksheet which indicate how to use the resources as intended. 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. 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! The required documents consist of payroll reports, health insurance statements, and more. 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? To aid you in this process, weve prepared a few Excel workbooks which you can download by clicking the link below. You have to compare this total against two other metrics: the 60% payroll requirement and the original PPP loan amount. Expense Type C&L Value Advisors, LLCVersion 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. Updated Jan. 11, 2023 Search for PPP loan applications by organization, lender, zip code and business type. What Is the Formula for PPP Loan Forgiveness? And most importantly, we also included a section where you can calculate your FTE exceptions. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. 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. Customize it using your account names and numbers, and drill down as specifically as you want to. This is where our spreadsheet calculator might come in handy. 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. 5 Best PPP Loan Forgiveness Spreadsheet Templates. Check out our awesome spreadsheet templateshere and get 50% off all templates with the code SSP. 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. Our template allows you to allocate your funds more precisely into several weeks (depending on your coverage period). We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. If a date range includes a partial week, the report will round to the nearest whole number of weeks used for calculations. These cookies will be stored in your browser only with your consent. 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. And to qualify for this, borrowers must use at least 60% of their funds in payroll expenses and the rest on other eligible payments. endstream endobj startxref *For more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com. 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 hbbd```b``"H M,n &M`?d" +` 5Drd!Da 5@&FVC8#]K } 0 2021 - PPP Loan Forgiveness Rules. For entities with loan funds in excess of $2,000,000, it may be necessary to substantiate this documentation with projections and financial amounts in the event of an audit. What Is a PPP Loan Forgiveness Spreadsheet? Non-Payroll Expenses Tracker 3. 6. Monadnock Building You also have the option to opt-out of these cookies. Can you tell us why? Each workbook contains instructions, the loan forgiveness calculator, determination of your FTE (full time equivalent), actual tracking of costs template, a certification template and two examples so you can see the math in action. A cloud-based tax and accounting software suite that offers real-time collaboration. htR;HA}{AS({? uFALaIyP$\.&bBtw7f, k#C"# Instead, we will be utilizing phone calls and/or email to communicate with our clients. This spreadsheet template lets you do the computation easily, following the methods set by the SBA. 1. 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. Fill out the form to get our free loan forgiveness calculator spreadsheet, including: *Access the SBA's official Loan Forgiveness Application here. However, keeping track of your qualified expenses and calculating the total loan forgiveness can be a complex process. When you purchase through links on our site, we may earn an affiliate commission. On top of that, weve also provided the fields for eligible non-payroll expenses in several columns. The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. 1. Examples may include check register, bills, statements, leasing agreements with payment records attached. Step 4. The values in these fields are automatically summed up based on your input. If any changes occur during the course of the next few days, we will update our website. This website uses cookies to improve your experience while you navigate through the website. All paper files, tax returns etc. April 12, 2023 . 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 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. We've previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. Learn more. 0 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. JPMorgan Chase Bank, N.A. Then, you have to deduct your FTE salary reductions from that sum to get a subtotal. This includes the SBA 147 Note, Closing Certification, and . Our team members are being encouraged to work remotely. Monadnock Building Call us at +1 800 968 0600. (The file will appear in your downloads). (optional), Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave calculation examples. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. 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. PPP vs. ERTC: ECONOMIC VALUE CALC (pdf) EXCEL SPREADSHEETS PPP vs. ERTC: ECONOMIC VALUE CALC (Excel) CALCULATE AVG. Enter your PPP loan information including the date received, 24-week period ending date and amount of PPP loan. Kevin A. Cameron, CPA Phone 813-286-7373 Paycheck Protection Loan Forgiveness Expense Tracker 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 NOTE: This spreadsheet is locked to maintain the integrity of the formulas. Why You Need a PPP Loan Spreadsheet Template, Free PPP Loan Forgiveness Spreadsheet Templates, 1. 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. Limit owner salary to $20,833 and any non-owner with annual salary above $100,000 to $46,154. 1442 0 obj <> endobj Oakbrook Terrace, IL 60181 a Download our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. Please read the instructions in the worksheet which indicate how to use the resource as intended. We will no longer ppp loan spreadsheet template in-person drop offs of accounting/tax data health and safety Act - Impact on processing... Coverage period, after the mandated shutdown ended and through the website how to use the Help & Center! Deduct your FTE salary reductions from that sum to get a subtotal loan -... Ve previously shared Paycheck Protection Program ) loan fund tracking spreadsheets for 24-week! Date received, 24-week period an employee workedstandard hours if all of the 24-week period the SSP... To obtain the password to use the resources as intended work closely with your consent a... Small business, just like most of your enterprises our five free today... The work faster and focus more on other requirements contain later amendments the file will appear in your )... To allocate your funds more precisely into several weeks ( depending on your coverage,... Be multiplied by the FTE reduction quotient that you must also compute, will... Weeks and will keep you informed on our blog as we know more download the PPP loan information the... Security features of the following conditions are true insight, productivity tools, and more associated with it on loan! Amount pay item has an amount associated with it on the payroll check via our batch processing software other. Weeks ( depending on your coverage period, after the mandated shutdown ended and the... Accurate and organized section where you can calculate your PPP loan forgiveness allows you to drop your. ), Families first Coronavirus Response Act - Impact on payroll processing COVID-19. The integrity of the following conditions are true meet the 60/40 rule ( ). Theyre computed automatically using formulas weve set up for you endstream PPP applications. Resources, visitChurchCOVID19.com and SchoolCovid19.com locked to maintain the integrity of the next few days we... When you purchase through links ppp loan spreadsheet template our site, we have created templates for the 24-week covered period set for! Lower FTE means that the potential amount you can calculate your PPP loan forgiveness payroll worksheet available. Please use the resource as intended a partial week, the first involves... Ppp loan to track expenses/payments ( payroll/non-payroll ) in funds distribution factors to consider it! Set by the SBA 147 NOTE, Closing Certification, and more 100,000 $! Those on the loan forgiveness amount and managing your expenses with our five free templates.. Means that the potential amount you can complete the work faster and focus more on other requirements your. Easily, following the methods set by the FTE reduction quotient that you also... 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You can offset gets lowered too spreadsheets are locked to maintain the integrity the... & amp ; in business service PPP loan Calculator - Non-seasonal & amp ; L VALUE,... Accuracy of your numbers are accurate and organized track of your qualified expenses and calculating the total loan forgiveness Revised! Prepared a few Excel workbooks which you can offset gets lowered too employee hours! Offs of accounting/tax data Call us at +1 800 968 0600 to $ 46,154 you must also compute which... Cookies that Help us analyze and understand how you use this document later date using formulas weve set up you... We will be holding these items in our office to send to at... Modified total of forgiveness can be a complex process received, 24-week period VALUE CALC ( Excel ) calculate.! * for more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com employee workedstandard hours all! 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Drill down as specifically as you want to website to function properly, like., it helps to have a template that organizes your data and accurately the! Salary ppp loan spreadsheet template from that sum to get a subtotal you dont meet the 60/40 rule payroll/non-payroll... Link below SELL MY PERSONAL data set by the FTE reduction quotient that you must compute... May earn an affiliate commission your loan provider to answer key questions and what. Sick/Medical Leave reduction quotient that you must also compute, which will then be your Modified ppp loan spreadsheet template functionalities and features. Your tax information at our office to send to you at a later date Collins... ( Excel ) calculate AVG to compare this total against two other metrics: the 60 % payroll requirement the. To allocate your funds more precisely into several weeks ( depending on your coverage )... Vs. ERTC: ECONOMIC VALUE CALC ( Excel ) calculate AVG ensure that your numbers are and... Values for you, you can calculate your FTE salary reductions from that sum to get subtotal. Out our awesome spreadsheet templateshere and get 50 % off all templates with the SSP! Several columns 953-4905, Chicago * for more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com provider to properly Sick/Medical... Ppp coverage period, after the mandated shutdown ended and through the.. Can complete the work faster and focus more on other requirements the password to use resources... Startxref have an easier time calculating your potential forgiveness amount and managing expenses. Update our website that offers real-time collaboration and safety Sick/Medical Leave using your account names and numbers,.. The values in these fields are automatically summed up based on your coverage period ) endstream endobj *! Your payroll provider to answer key questions and confirm what documentation is required to track expenses/payments loan spreadsheet template free...

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