*For more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com. 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. 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. This is a spreadsheet template for those small businesses that need help completing the PPP Loan Forgiveness Application. Keep track of your Payroll Costs in this tracker, and keep back-up documentation. Fill out the form found here to access to the 2021 PPP Loan Worksheet, designed to provide data-driven insights to drive critical decisions. 2021 - PPP Worksheet Instructional Guide. Phone: (630) 953-4900 including analysis of cash flow . Corporate technology solutions for global tax compliance and decision making. If you received your PPP loan on or after June 5, 2020, you must use the 24-week (168-day) period beginning on the . How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) Step 3. Here are three options you may consider for recording and tracking your use of your PPP loan funds. Track Headcount of your Employees each week or each Payroll. There is no single formula that will let you calculate your PPP loan forgiveness amount. Necessary cookies are absolutely essential for the website to function properly. 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. "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. We've created a free spreadsheet to help you walk through the application process. It is not necessary to obtain the password to use this document. Why You Need a PPP Loan Spreadsheet Template, Free PPP Loan Forgiveness Spreadsheet Templates, 1. 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 values in these fields are automatically summed up based on your input. 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? Today, we are making available the excel spreadsheet template to assemble the SBA 147 Notes via our batch processing software. If Applicant is a news organization that The PPP Loan Forgiveness Payroll worksheet assumes that an employee workedstandard hours if all of the following conditions are true. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. 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. Kevin A. Cameron, CPA Phone 813-286-7373 Paycheck Protection Loan Forgiveness Expense Tracker What Is the Formula for PPP Loan Forgiveness? 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. 0 Additionally, we are now offering PPP loan forgiveness calculations as a service for a flat fee of just 2% of the loan amount. A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. We've created a free spreadsheet to help you walk through the application process. 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. Open a separate bank account for your PPP loan. 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. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and 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. Please read the instructions in the worksheet which indicate how to use the resources as intended. We can take this off of your plate and help you maximize your loan forgiveness just fill out the form below to get started. 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. For example, the amount of forgiveness can be reduced proportionally if you dont meet the 60/40 rule (payroll/non-payroll) in funds distribution. Download Excel | Try Smartsheet. The information in the spreadsheet is subject to change based on changes to applicable rules, laws and regulatory guidance. endstream 1901 S. Meyers Road, Suite 230 To make things easier, weve compiled these five PPP loan forgiveness spreadsheet templates that are readily available for download and use. We also use third-party cookies that help us analyze and understand how you use this website. Any remaining balance becomes a loan with an interest rate of 1% for two years. 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. (optional), Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave calculation examples. PPP loan forgiveness spreadsheet templates can help streamline and automate your calculation processes when filing your application. Call us at +1 800 968 0600. Monadnock Building Then, you have to deduct your FTE salary reductions from that sum to get a subtotal. Have you ever heard of a PPP loan forgiveness spreadsheet template? Supplemental support documents "SBA PPP Loan Borrower Disbursement Authorization" and "SBA PPP Loan Borrower's Certification" can be added. 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. To aid you in this process, weve prepared a few Excel workbooks which you can download by clicking the link below. After preparing your total payroll costs, non-payroll expenses, and FTE calculations, you can now start calculating your PPP loan forgiveness amount. 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. Consult with your payroll provider to properly track Sick/Medical Leave. Consult with your payroll provider to properly track Sick/Medical Leave. Download .pdf File size: 373KB Effective : July 30, 2021 Owned by : Office of Capital Access OMB Control Number : 3245-0407 This includes the SBA 147 Note, Closing Certification, and . The more you buy, the more you save with our quantity discount pricing. 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. 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 Its now time to start tracking your use of the funds to determine the amount to be forgiven. 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. (What are standard hours?). What Is the Formula for PPP Loan Forgiveness? 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. 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. Non-Payroll Expenses Tracker 3. 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. 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. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Chicago, IL 60604 Check out our awesome spreadsheet templateshere and get 50% off all templates with the code SSP. But opting out of some of these cookies may affect your browsing experience. Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. <>stream This spreadsheet template lets you do the computation easily, following the methods set by the SBA. This subtotal must be multiplied by the FTE reduction quotient that you must also compute, which will then be your Modified Total. It is not necessary to obtain the password to use these documents. These contain rows and columns that are loaded with various categories and formulas related to the complicated calculation process. 1489 0 obj <>stream 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. Payroll Cost Calculator for PPP Loan Forgiveness 2. It is mandatory to procure user consent prior to running these cookies on your website. It is not necessary to obtain the password to use these documents. 3,191 views May 19, 2020 https://tinyurl.com/y9lx9c76 - In this how to track PPP loan expenses. All in-person meetings are cancelled. CARES Act PPP Loan Expense Tracker & Forgiveness Calculator Version 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. Chat - Best option for simple questions employee retention credit calculation spreadsheet. 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. %PDF-1.6 % Here are three options you may consider for recording and tracking your use of your PPP loan funds. 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: Download the PPP Loan Calculator - Non-seasonal & In business. And with such automation, you can complete the work faster and focus more on other requirements. Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. No clients or guests will be allowed in our suite. 2021 - PPP Loan Forgiveness Rules. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. This report calculates this amount for all employees, and does not distinguish between employees identified as Officer or Family of Owner. Lets explore in more detail what a PPP loan forgiveness spreadsheet template is and the benefits of using one in this article. These cookies do not store any personal information. 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 our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. That was quite messy, right? Phone: (630) 953-4900 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). *For example spreadsheet mentioned in May 21 Facebook Live, click here. Such automation, you can download by clicking the link below buy, the amount of forgiveness can be proportionally... Free PPP loan forgiveness application please note: these spreadsheets are locked to maintain the integrity of the.! 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