Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. Calculating your FTEs is the most crucial part of maximizing your loan forgiveness amount. Expense Type C&L Value Advisors, LLCVersion 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. 2021 - PPP Loan Forgiveness Rules. Keep track of Other Expenses. d11ma.,-+(*,6aFof:;?7gzWsc{]V-L[Z|l. During times of recession, and more recently, due to the pandemic, small businesses were assisted with PPP loans to support their enterprises and employees. Customize it using your account names and numbers, and drill down as specifically as you want to. Fax: (630) 953-4905, Chicago Download .pdf File size: 373KB Effective : July 30, 2021 Owned by : Office of Capital Access OMB Control Number : 3245-0407 If any changes occur during the course of the next few days, we will update our website. Member of Russell Bedford International, a global network of independent professional service firms. Integrated software and services for tax and accounting professionals. 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. 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.. Corporate technology solutions for global tax compliance and decision making. Track Headcount of your Employees each week or each Payroll. Fax: (630) 953-4905, Chicago CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. +W > [Content_Types].xml ( UJ1}%MUn}1f{'RZe9s3]zWAB|#`ot;8Fs@q9>=#`)Qw+C+zE. 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 values in these fields are automatically summed up based on your input. Comprehensive research, news, insight, productivity tools, and more. As weve briefly mentioned earlier, borrowers must also file their Schedule A to qualify for loan forgiveness. 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: 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. These cookies do not store any personal information. 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. Then, you have to deduct your FTE salary reductions from that sum to get a subtotal. All paper files, tax returns etc. 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. 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. 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. 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. Call us at +1 800 968 0600. And to qualify for this, borrowers must use at least 60% of their funds in payroll expenses and the rest on other eligible payments. All staff are equipped with the appropriate technology and resources to continue to securely and confidentially serve you from home. 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. You also have the option to opt-out of these cookies. This includes the SBA 147 Note, Closing Certification, and . Enter the total wages paid during the PPP coverage period, after the mandated shutdown ended and through the end of the 24-week period. Can you tell us why? Oak Brook How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) endstream Fill out the form below to download the new worksheet. This worksheet may assist in summarizing key . Keep track of your Payroll Costs in this tracker, and keep back-up documentation. (See 5-18-20 for updated post.) startxref Free PPP Loan Forgiveness Spreadsheet Templates 1. Weve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. Should any questions arise as you complete these calculations with the PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900. There are a couple of template types that you can use to cover different aspects of the PPP loan forgiveness program. <>stream 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. Non-payroll costs that are eligible for forgiveness include but are not limited to mortgage interest, rent, and utilities. Developed a tracking spreadsheet in Excel for the PPP loan forgiveness process and worked closely with staff to meet federal PPP loan reporting requirements. It is mandatory to procure user consent prior to running these cookies on your website. Werner & Co. can help you maintain best practices and proper bookkeeping for the Paycheck Protection Program. Emma Collins is a tech writer for Spreadsheet Point. endstream endobj startxref Check out our awesome spreadsheet templateshere and get 50% off all templates with the code SSP. Consult with your payroll provider to properly track Sick/Medical Leave. (Loans made after June 5, 2020 carry a 5-year repayment period.) 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. Now, we have created templates for the 24-week covered period. Email - Expect a 24-48 hour turnaround Weve added two separate tabs for employees earning under $100K and those with more than $100K salaries. Management One is a small business, just like most of your enterprises. 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). The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. Phone: (630) 953-4900 4. The Salaried amount pay item has an amount associated with it on the payroll check. 3,191 views May 19, 2020 https://tinyurl.com/y9lx9c76 - In this how to track PPP loan expenses. Please read the instructions in the worksheet which indicate how to use the resources as intended. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. 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. (optional), Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave calculation examples. It is not necessary to obtain the password to use these documents. Chat - Best option for simple questions However, keeping track of your qualified expenses and calculating the total loan forgiveness can be a complex process. It is not necessary to obtain the password to use these documents. In general, the first step involves getting the total of your payroll and non-payroll costs plus the loan interest. We last shared some best practices and next steps once you receive your PPP funds. What Is the Formula for PPP Loan Forgiveness? Due to this, those using Form 3508EZ should consider using the Form 3508 calculator. 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. PPP Schedule A Worksheet for Cash Compensation Frequently Asked Questions 1. %PDF-1.6 % 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 . Supplemental support documents "SBA PPP Loan Borrower Disbursement Authorization" and "SBA PPP Loan Borrower's Certification" can be added. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. JPMorgan Chase Bank, N.A. 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. 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. Learn more. a %%EOF Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. 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. hbbd```b``"H M,n &M`?d" +` 5Drd!Da 5@&FVC8#]K } Please use the Help & How-To Center while we work through these issues. Non-Payroll Expenses Tracker 3. 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! These cookies do not store any personal information. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. 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. PPP Loan Forgiveness Calculations Service Here are three options you may consider for recording and tracking your use of your PPP loan funds. Identify resource costs and plan an amount to budget for each area to keep your event on track and within budget. (What are standard hours?). 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. All in-person meetings are cancelled. The SBA recently released the PPP loan forgiveness application. Oak Brook PPP loan forgiveness spreadsheet templates can help streamline and automate your calculation processes when filing your application. We ask that you email efile@craykaiser.com to request your portal access. A cloud-based tax and accounting software suite that offers real-time collaboration. We will continue to support you as best as we can while keeping each others health a priority. Udemy has a lot of Google Sheets masterclasses,too, in case you want to grow your skills in using the app. 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. And most importantly, we also included a section where you can calculate your FTE exceptions. Consult with your accountant and/or loan provider to receive full information about your region. Get the most out of your Thomson Reuters Tax & Accounting products. 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. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. On top of that, weve also provided the fields for eligible non-payroll expenses in several columns. 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. . Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. *For spreadsheet instructions, click here. 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. . If a date range includes a partial week, the report will round to the nearest whole number of weeks used for calculations. This website uses cookies to improve your experience while you navigate through the website. *For more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com. 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. 1. When you purchase through links on our site, we may earn an affiliate commission. 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.
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