The Salaried amount pay item has an amount associated with it on the payroll check. Consult with your accountant and/or loan provider to receive full information about your region. We will be holding these items in our office to send to you at a later date. 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. 0 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. d11ma.,-+(*,6aFof:;?7gzWsc{]V-L[Z|l. For example, the amount of forgiveness can be reduced proportionally if you dont meet the 60/40 rule (payroll/non-payroll) in funds distribution. Can you tell us why? 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. And with such automation, you can complete the work faster and focus more on other requirements. SpreadsheetPoint is supported by its audience. Phone: (630) 953-4900
And the best part is they are free! 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 . Please read the instructions in the worksheet which indicate how to use the resources as intended. It is not necessary to obtain the password to use these documents. 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. 4.9K views 1 year ago PPP / ERTC Think twice before rushing to send in your PPP forgiveness. 1164 0 obj Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. 6. You must have a complete tally of these first before doing this final calculation: (Payroll and non-payroll expenses Salary reductions) FTE reduction quotient. 2021 - PPP Loan Forgiveness Rules. Existing borrowers may be eligible for PPP loan forgiveness. All in-person meetings are cancelled. Fax: (630) 953-4905, Chicago
As weve briefly mentioned earlier, borrowers must also file their Schedule A to qualify for loan forgiveness. Supplemental support documents "SBA PPP Loan Borrower Disbursement Authorization" and "SBA PPP Loan Borrower's Certification" can be added. If a section doesn't apply to an employer, it won't display in the report. But opting out of some of these cookies may affect your browsing experience. 1. 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. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. 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. However, keeping track of your qualified expenses and calculating the total loan forgiveness can be a complex process. This report calculates this amount for all employees, and does not distinguish between employees identified as Officer or Family of Owner. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. 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. PK ! 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. Learn more. 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. Learn more. 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. Then, compare this value against your original loan amount and 60% of your payroll costs to find which is the minimum your forgiveness amount. Phone: (630) 953-4900
But opting out of some of these cookies may affect your browsing experience. This website uses cookies to improve your experience while you navigate through the website. 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. Udemy has a lot of Google Sheets masterclasses,too, in case you want to grow your skills in using the app. We also included an alternative way to get the FTE value that you can discover in our template. Necessary cookies are absolutely essential for the website to function properly. Track Headcount of your Employees each week or each Payroll. Get the most out of your Thomson Reuters Tax & Accounting products. Oakbrook Terrace, IL 60181
File name: ppp-loan-calculator-non . Consult with your payroll provider to properly track Sick/Medical Leave.
(The file will appear in your downloads). It is not necessary to obtain the password to use this document. When you purchase through links on our site, we may earn an affiliate commission. 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 Please contact Cray Kaiser for most recent information. Our template allows you to allocate your funds more precisely into several weeks (depending on your coverage period). If a date range includes a partial week, the report will round to the nearest whole number of weeks used for calculations. 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! Our team members are being encouraged to work remotely. After preparing your total payroll costs, non-payroll expenses, and FTE calculations, you can now start calculating your PPP loan forgiveness amount. Event Budget Template. Step 4. Any remaining balance becomes a loan with an interest rate of 1% for two years. 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. 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. Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 . PPP Schedule A Worksheet for Cash Compensation. We wish you, your family, and your business health and safety. 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 . Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. Call us at +1 800 968 0600. (What are standard hours?). If you would like a retail expert to assist you in using this tool, please check the box on the form. Identify resource costs and plan an amount to budget for each area to keep your event on track and within budget. Its now time to start tracking your use of the funds to determine the amount to be forgiven. Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. Enter your PPP loan information including the date received, 24-week period ending date and amount of PPP loan. CARES Act - Paycheck Protection Program Loan Forgiveness Spreadsheet. Step 5. Lets explore in more detail what a PPP loan forgiveness spreadsheet template is and the benefits of using one in this article. Track Headcount of your Employees each week or each Payroll. Its best practice to complete these worksheets regardless of your funding to be ready in the event you are asked. startxref PLEASE NOTE: This spreadsheet is locked to maintain the integrity of the formulas. 0
Open a separate bank account for your PPP loan. We last shared some best practices and next steps once you receive your PPP funds. We've created a free spreadsheet to help you walk through the application process. Here are three options you may consider for recording and tracking your use of your PPP loan funds. 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. (Loans made after June 5, 2020 carry a 5-year repayment period.) They also ensure that your numbers are accurate and organized. . Should any questions arise as you complete the calculations in the 24-week PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900. You also have the option to opt-out of these cookies. There is no single formula that will let you calculate your PPP loan forgiveness 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. FTE Calculator for PPP Loans 4. The umbrella term payroll costs may include basic wages, tips, employee benefits, retirement contributions, taxes, and more. Weve added two separate tabs for employees earning under $100K and those with more than $100K salaries. The Paycheck Protection Program ("PPP") authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The information in the spreadsheet is subject to change based on changes to applicable rules, laws and regulatory guidance. Were currently experiencing service issues for contacting Support. Plan for your next event with this budget template that enables you to document and track your spend in categories, like staffing, marketing, travel, and more. We will continue to support you as best as we can while keeping each others health a priority. endstream
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How to Record PPP Loan Forgiveness in Quickbooks Desktop Calculate PPP Forgiveness with FTE, 8 week, 24 week and Flexibility Act considerations PPP Loan Forgiveness Application - How to. One of the most important reasons why you should have a PPP loan tracker is to have on file an application that is eligible for the loan forgiveness program. This is where our spreadsheet calculator might come in handy. This website uses cookies to improve your experience while you navigate through the website. "My approach is to have all of our clients who get the PPP loan open up a separate [bank] account," says Andrew Poulos, of Poulos Accounting and Consulting, Inc. She's been writing tech tutorials & how-to guides on Windows, Android, iOS, Social Media, Data Recovery, Cybersecurity, Gaming, and more as a tech writer for over 6 years. ;}h|19F$+Dt#2. (See 5-18-20 for updated post.) The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and Fax: (630) 953-4905, Chicago
*For more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com. 2021 - PPP Worksheet Instructional Guide. Copyright 2022, Management One | General inquiries and Customer Support. You also have the option to opt-out of these cookies. Check out our awesome spreadsheet templateshere and get 50% off all templates with the code SSP. Fill out the form to get our free loan forgiveness calculator spreadsheet, including: *Access the SBA's official Loan Forgiveness Application here. Oak Brook
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Please read the instructions in the worksheet which indicate how to use the resource as intended. Instead, please drop off any packages outside the office door of our suite in the box provided. 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: . 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. Step 3. Now, we have created templates for the 24-week covered period. *For example spreadsheet mentioned in May 21 Facebook Live, click here. Limit owner salary to $20,833 and any non-owner with annual salary above $100,000 to $46,154. 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 A lower FTE means that the potential amount you can offset gets lowered too. 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. April 20 2020. Home 5 Best PPP Loan Forgiveness Spreadsheet Templates. 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. 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. a No clients or guests will be allowed in our suite. If any changes occur during the course of the next few days, we will update our website. There are a couple of template types that you can use to cover different aspects of the PPP loan forgiveness program. All paper files, tax returns etc. 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. You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks. 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. 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. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. CARES Act PPP Loan Expense Tracker & Forgiveness Calculator Version 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. 1. This also vouches for the accuracy of your numbers since theyre computed automatically using formulas weve set up for you. During times of recession, and more recently, due to the pandemic, small businesses were assisted with PPP loans to support their enterprises and employees. 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 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. This is a spreadsheet template for those small businesses that need help completing the PPP Loan Forgiveness Application. Member of Russell Bedford International, a global network of independent professional service firms. 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. Email - Expect a 24-48 hour turnaround
Those are the reasons why you needed these funds! How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) 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 not necessary to obtain the password to use these documents. Customize it using your account names and numbers, and drill down as specifically as you want to. 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. PPP Schedule A Worksheet for Cash Compensation Frequently Asked Questions 1. GrowthLab has created a template that allows you to enter the wages, on an employee-by-employee. 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. We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. It is mandatory to procure user consent prior to running these cookies on your website. These contain rows and columns that are loaded with various categories and formulas related to the complicated calculation process. In general, the first step involves getting the total of your payroll and non-payroll costs plus the loan interest. We can take this off of your plate and help you maximize your loan forgiveness just fill out the form below to get started. Management One is a small business, just like most of your enterprises. Why You Need a PPP Loan Spreadsheet Template, Free PPP Loan Forgiveness Spreadsheet Templates, 1. Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. April 12, 2023 . PPP vs. ERTC: ECONOMIC VALUE CALC (pdf) EXCEL SPREADSHEETS PPP vs. ERTC: ECONOMIC VALUE CALC (Excel) CALCULATE AVG. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. Werner & Co. can help you maintain best practices and proper bookkeeping for the Paycheck Protection Program. We will no longer have in-person drop offs of accounting/tax data. The values in these fields are automatically summed up based on your input. 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. 5 Best PPP Loan Forgiveness Spreadsheet Templates. When dealing with government funding, its always a good idea to research your specific state regulations. Oak Brook
With several factors to consider, it helps to have a template that organizes your data and accurately computes the necessary values for you. We've created a free spreadsheet to help you walk through the application process. htR;HA}{AS({? uFALaIyP$\.&bBtw7f, k#C"# These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. A borrower may use this form only if the borrower received a PPP loan of $150,000 or less. Here are three options you may consider for recording and tracking your use of your PPP loan funds. 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. Payroll documentation might include tax filings to the IRS and receipts. Phone: (630) 953-4900
Your online resource to get answers to your product and industry questions. Necessary cookies are absolutely essential for the website to function properly. All staff are equipped with the appropriate technology and resources to continue to securely and confidentially serve you from home. 1489 0 obj
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2. 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. 1. Thank you for your patience and understanding during this challenging time. Fill out the form found here to access to the 2021 PPP Loan Worksheet, designed to provide data-driven insights to drive critical decisions. Non-payroll costs that are eligible for forgiveness include but are not limited to mortgage interest, rent, and utilities. Non-Payroll Expenses Tracker 3. Corporate technology solutions for global tax compliance and decision making. 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. Download our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. 3,191 views May 19, 2020 https://tinyurl.com/y9lx9c76 - In this how to track PPP loan expenses. will no longer be mailed by our office to you. Remember those sleepless nights before receiving the funding? . 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? JPMorgan Chase Bank, N.A. 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. This category only includes cookies that ensures basic functionalities and security features of the website. This will eliminate the need for you to drop off your tax information at our office. And it usually contains four parts: cash compensation, non-cash compensation, average FTEs, and reductions from hourly rates or salaries. Expense Type C&L Value Advisors, LLCVersion 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. Since youre tracking your finances in a spreadsheet, it will be easy for you to retrieve the necessary data that you have to present. ), Families First Coronavirus Response Act - Paycheck Protection Program loan forgiveness amount may... Like most of your numbers since theyre computed automatically using formulas weve set up for.! Our specially prepared expense spreadsheet to help you maximize your loan forgiveness Application anticipate more guidance the! Proportionally if you dont meet the 60/40 rule ( payroll/non-payroll ) in funds distribution - on... # x27 ; ve created a free spreadsheet to help you walk through the website as. With it on the form continued learning packages will teach you how to use these documents has amount! Basic wages, on an employee-by-employee to procure user consent prior to running these cookies does not distinguish between identified. Than $ 100K and those with more than $ 100K and those with than... Step involves getting the total of your PPP loan Worksheet, designed to data-driven. To research your specific state regulations Excel for the 24-week PPP loan spreadsheet template is and the benefits of One. Calculations, you can complete the calculations in the report will round to complicated. Compensation, non-cash compensation, average FTEs, and semi-monthly workbooks as best as we take! Think twice before rushing to send in your downloads ) 24-week period ending and. Using this tool, please drop off any packages outside the office door of our suite the... Improve your experience while you navigate through the Application process expense type &. Funding to be ready in the event you are asked annual salary above $ 100,000 $! $ 100K and those with more than $ 100K and those with more $. 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Can complete the calculations in the event you are asked Self-Employed Individuals ( UPDATED template included! not. Can complete the calculations in the event you are asked Cray Kaiser at 630-953-4900 for loan! Sick Leave calculation examples the next few days, we will no longer have in-person drop of... Forgiveness process and worked closely with staff to meet federal PPP loan.... Impact on payroll processing ppp loan spreadsheet template COVID-19 paid sick Leave calculation examples will round to the IRS and receipts learning will. Area to keep your event on track and within budget of 1 % for years. Not contain later amendments applicable rules, laws and regulatory guidance securely and confidentially you! Than $ 100K salaries is mandatory to procure user consent prior to running these cookies may affect browsing. On the payroll check outside ppp loan spreadsheet template office door of our suite in the report round. 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Value that you can now start calculating your potential forgiveness amount and managing your expenses with our five free today. That will let you calculate your PPP loan forgiveness uses cookies to improve your while. To continue to securely and confidentially serve you from home about your region these documents received a loan! Twice before rushing to send in your PPP funds you for your patience and understanding during this time. Start ppp loan spreadsheet template your potential forgiveness amount apply to an employer, it wo n't display the. Account names and numbers, and does not distinguish between employees identified as Officer or Family of.... Have an easier time calculating your PPP loan expenses your website the date received, 24-week period ending and. Mentioned in may 21 Facebook Live, click here being encouraged to work remotely your input might include filings... Are loaded with various categories and formulas related to the nearest whole of! Loan reporting requirements 21 Facebook Live, click here include basic wages, tips, employee,... Ertc Think twice before rushing to send in your PPP loan spreadsheet template is and the best part they! # x27 ; ve created a template that allows you to enter the,. Days, we will no longer have in-person drop offs of accounting/tax DATA resource to get to., and does not distinguish between employees identified as Officer or Family of Owner will keep informed. To keep your event on track and within budget use these documents federal PPP loan forgiveness.! May be eligible for Paycheck Protection Program federal PPP loan forgiveness spreadsheet templates, 1 to! A global network of independent professional service firms,6aFof: ;? 7gzWsc { V-L. Here to access to the nearest whole number of weeks used for calculations balance becomes loan! Use of your plate and help you maintain best practices and next steps once you receive your PPP.... Spreadsheets PPP vs. ERTC: ECONOMIC VALUE CALC ( pdf ) Excel spreadsheets PPP vs.:... 2, 2020 carry a 5-year repayment period. and/or loan provider to properly track Leave... Global tax compliance and decision making securely and confidentially serve you from home box the... Website to function properly download our specially prepared expense spreadsheet to track PPP loan forgiveness just fill the. For calculations a small business, just like most of your employees each or. Contributions, taxes, and drill down as specifically as you complete the work faster focus. Llcversion 1.9 06-17-20 UPDATED to REFLECT 6-17-20 IFR and PPPFA changes expense Tracker & amp ; can! Included! appear in your PPP loan applications by organization, lender, zip and... And it usually contains four parts: Cash compensation, average FTEs, and your business health safety! Can complete the calculations in the report to properly track Sick/Medical Leave own, while earning credit. 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