ppp loan forgiveness worksheet excel

All Borrowers must submit (1) and (2) to their Lender. For entities with loan funds in … Rev Proc. Once you’ve calculated your Payroll Costs (line 10), enter the total on Line 1 of the PPP Loan Forgiveness … We've partnered with FINSYNC to offer our customers a PPP Loan Forgiveness calculator, so our business customers can easily track their expenditures of PPP funds, and ensure maximum forgiveness… Filled in amounts are for illustation purposes … We are the American Institute of CPAs, the world’s largest member association representing the accounting profession. Business owners using PPP funds to maintain payroll and cover certain operating expenses may not be required to repay their loans if they meet certain criteria. b. We have created a fairly simple spreadsheet tool that we hope will help you with this process. These documents include, but may not be limited to: For a full list of required information and documentation, see the PPP Loan Forgiveness Application. Still, employers are required to keep the Worksheet or retain documents that support the information that appears on that worksheet. Schedule A (p 6) 1. If you’re unsure of your numbers, it’s always a good idea to check with an accountant or financial adviser and work with your lender. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Can you tell us why? 2020-27; Rev. Your PPP loan is 100% forgivable if you follow SBA forgiveness guidelines. Certain state and local taxes assessed on compensation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Intuit accepts no responsibility for the accuracy, legality, or content on these sites. Get the most out of your Thomson Reuters Tax & Accounting products. Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. PPP loan and forgiveness calculations and eligibility may vary. The excel spreadsheet was built to help businesses manage through the SBA’s Paycheck Protection Program (PPP). An employee working 40 hours or more will be 1.0 FTE. 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. Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. Total of 5 months. The rules around forgiveness of PPP loans are changing. We provide third-party links as a convenience and for informational purposes only. PPP Schedule A -Worksheet (Excel) In the upper left hand of the PPP SchA Wkshtin Excel, enter the opening date of the loan and last date of covered period. This is how you can create a payroll report to simplify the application process. Regulations and guidance from the SBA and the U.S. Department of the Treasury on the PPP are evolving rapidly and the above information may be outdated. Rul. An excel spreadsheet will be provided to assist in all of the necessary calculations. If a section doesn't apply to an employer, it won't display in the report. Thursday, April 23, 2020. Application Instructions; VEDA PPP Forgiveness Checklist Important Forgiveness Information. You will need this data to figure out the maximum amount you can apply to borrow under the PPP (2.5 times your average monthly payroll cost). If calculations have already been made, numbers can be plugged directly … • Determine if you qualify for EZ form or need to file the Long Form. Option (2) a. Print or export your report to Excel to share with your lender. The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. 241.1 KB Download. How can I spend a Paycheck Protection Program loan? Note: PPP forgiveness rules have not been published by SBA yet, this is only meant to be a basic illustration. PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. Any advance received under the Coronavirus Aid, Relief, and Economic Security (CARES) Act EIDL Emergency Grant program. Schedule A instructions (p 5) 3. (What are standard hours?). Option (1) a. Download the Excel Worksheet. (optional), Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave calculation examples. Most payroll and accounting solutions make it easy to create and run various payroll reports. Paid parental, family, medical, or sick leave not covered by the Families First Coronavirus Response Act (FFCRA). NOTE: Yellow highlighted cells represent variables that should be completed with final client data. a. SBA Application for Forgiveness EZ Instructions OR b. SBA Application for Forgiveness Instructions 3. VEDA cannot submit Forgiveness Applications to the SBA without including all required supporting documents from the Borrower. Comprehensive research, news, insight, productivity tools, and more. Intuit Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Mortgage interest payments in the eight weeks following disbursement of the loan. Borrower’s eligibility for the PPP loan and for loan forgiveness, and that the Borrow er’s failure to provide information requested by SBA may result in a determination that the Borrower was ineligible for the PPP loan or a denial of the Borrower’s loan forgiveness application. Add lines 1, 4, 6, 7, 8, 9 together to calculate your Payroll Costs. Applying for PPP Loan Forgiveness •Forgiveness Forms -11 pages •Breaks into five pieces; 1 and 2 must be submitted to Lender: 1. Most payroll summary reports include gross pay, adjusted gross pay, net pay, and employer taxes and contributions for each employee. Business utility payments in the eight weeks following disbursement of the loan. It is not necessary to obtain the password to use these documents. Application instructions (pp 1 & 2) 2. Major Topics. Learn more. 6 The client is navigated to the application for Loan Forgiveness Requests. The uses listed above are ones that may be covered by loan forgiveness and are not the only allowable uses of a PPP loan. 's Paycheck Protection Program Loan Forgiveness Tool. Group healthcare benefits and insurance premiums. PPP Forgiveness Application and Attestation (pp 3 & 4) 1. Creating a payroll report may help verify these numbers and expedite the auditing process. This is not official SBA guidance. Instructions for PPP Loan Forgiveness Calculation Form . Download PPP Loan Forgiveness Application. Accordingly, the information provided should not be relied upon as a substitute for independent research. Maintaining the same number of employees on the payroll and rehiring employees who were previously laid off before December 31, 2020, or before the date you submit your loan forgiveness application, whichever comes first. Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. The employer’s share of certain payroll taxes. DWH staff is available for further support. Intuit does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. Post & Schell, P.C. Please use the Help & How-To Center while we work through these issues. Salvador & Babic CPAs have provided some examples of how to apply for a Paycheck Protection Program loan and a worksheet to help understand the PPP loan forgiveness aspect. https://quickbooks.intuit.com/cas/dam/IMAGE/A1IcBDz5y/How-to-create-a-payroll-report_featured.jpg, How to create a payroll report for PPP loan forgiveness. The Salaried amount pay item has an amount associated with it on the payroll check. Business Address/Business TIN (EIN, SSN)/Business Phone/Primary Contact/E-mail Address. Maintaining employee salaries and wages and restoring salaries and wages by December 31, 2020, or before the date you submit your loan forgiveness application, whichever comes first. Review the PPP Forgiveness Application Form; Review the EZ Application Form; Interim Final Rules Myranda Mondry is a senior content creator for the QuickBooks Resource Center. Proc. Any employee’s income over $100,000 per year. 2. The more you buy, the more you save with our quantity discount pricing. It may be easiest to begin by looking for a payroll report template online or within Excel. Use of this template is optional. The loans are intended to keep employees on payroll and keep small businesses and other eligible organizations in operation. If you run payroll manually, you might create a payroll report in Excel. When creating a PPP payroll report, you should include eligible payroll costs, including: You should not include the following ineligible costs in your PPP payroll report: For a comprehensive list of eligible costs, visit SBA.gov. | QuickBooks, https://quickbooks.intuit.com/r/coronavirus/ppp-payroll-report/. Payroll costs paid in the eight weeks following disbursement of the loan. 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 document is to be shared with anyone who needs a simple tool, and walk-through instructions, for calculating loan forgiveness. For each use of the PPP loan funds listed (payroll, lease, mortgage, utilities, etc. Try our solution finder tool for a tailored set of products and services. Under the PPP, loans up to 2.5x monthly payroll expenses are forgiveable. PPP Schedule A Line Reference: Box 4 Box 5: Owners Compensation Employee's Name Employee Identifier (last 4 digits of their SSN) Cash Compensation (Gross Wages) Paid - do NOT enter more than $15,385 Enter Cash Compensation for 2019 Cash Compensation allowed for PPP Loan Forgiveness ----- Please refer to the latest guidance from SBA and Treasury to confirm current program rules and how they apply to your particular situation. ACCESS. PPP loan forgiveness application breakdown. For use by Union Bank only. The PPP Schedule A Worksheet is not required to accompany the PPP loan forgiveness application. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. Borrowers seeking loan forgiveness for PPP loans can apply for forgiveness through their lenders. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. 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). – Submit the PPP Loan Forgiveness Calculation Form – Submit PPP Schedule A and Substantiation – Lender has 60 days to review and make a decision; SBA has another 90 days after that. We’re currently experiencing service issues for contacting Support. Among others, these criteria include. 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. She graduated with a degree in English and Journalism from Boise State University. Your online resource to get answers to your product and industry questions. The AICPA’s PPP Loan Forgiveness Calculator (a downloadable Excel template) ... A downloadable one-page CNPE Excel worksheet to help you collect and organize your payroll data. A cloud-based tax and accounting software suite that offers real-time collaboration. Please read the instructions in the worksheet which indicate how to use the resources as intended. Do contractor payments count in my average payroll costs for the calculation of my PPP loan request? If a date range includes a partial week, the report will round to the nearest whole number of weeks used for calculations. Select Initiate Forgiveness On This Loan for the loan you would like to request forgiveness. How much money am I eligible for under the Paycheck Protection Program? Private and confidential. File: PPP-Forgiveness … We recommend all borrowers consult with their bank, legal, financial, and business advisors regarding interpretation and implementation of the loan forgiveness program. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. A Worksheet –FTE Reduction Excel File found below: S:\2 SBA Paycheck Protection Program\5.) PPP Forgiveness Loan Application Borrower Checklist Page 2 of 2 Borrower steps for completing the Loan Forgiveness Loan Application: 7 Complete Schedule A (3508 Only): 1. The new ruling and accompanying revenue procedure (Rev. Creating a PPP payroll report in Excel. The CARES Act says PPP loans may be forgiven without any tax consequences. Forgiveness Underwriting. Employee cash compensation, including salaries, wages, commissions, or similar compensation that don’t exceed $100,000 per year. We're sorry. Determine if you can use the SBA EZ Loan Forgiveness Application. Carefully review the SBA Provided Instructions. Myranda currently resides in Boise, Idaho, where she runs an Etsy shop selling handmade heirloom quilts. The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. Can calculate part time employees one of two ways: Number of … This course will address the changes to the PPP Loan Forgiveness Application as a result of the PPP Flexibility Act. Her work has been published in Forbes, The Huffington Post, and other top-tier publications. Use the list of eligible payroll costs to customize the payroll report to your needs. PPP Forgiveness Worksheet. That’s why we’ve created an easy-to-use excel workbook that will help you itemize and calculate the inputs required for your PPP Loan Forgiveness application. Compensation for employees who live outside the U.S. *This is not a required document and is only to be used to help prepare for the forgiveness application. C Page 1: PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable. Rent or lease payments in the eight weeks following disbursement of the loan. Refer to the SBA.gov for information about your particular situation. Payment receipts, cancelled checks, or account statements showing employer contributions to employee health insurance and retirement plans. Readers should verify statements before relying on them. Applicable laws may vary by state or locality. a. 10 ways to access debt relief for your small business. This article currently has 31 ratings with an average of 1.1 stars, How to organize payroll for PPP loan forgiveness, Employee Retention Credits versus the Paycheck Protection Program. The Salaried amount pay item has 0 regular hours recorded on the payroll check. DOWNLOAD THE PPP LOAN FORGIVENESS TEMPLATES. Please refer to the latest guidance from SBA and Treasury to confirm current program rules and how they apply to your particular situation.The funding described is made available to businesses located in the United States of America and are not available in other locations. 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. They’ll need to verify the number of employees on the payroll and their pay rates during the loan forgiveness covered period after their loan was disbursed. Since our original release, the workbook has been downloaded more than 46,000 times. Under the Paycheck Protection Program (PPP), small business owners can apply for approximately 2.5x their average qualified monthly payroll expenses, up to $10 million, to be used for eligible payroll costs and other certain operating costs, including rent, mortgage interest, and utilities. Additional information and exceptions may apply. 2) Start logging your actual expenditures - regardless of how the forgiveness is calculated it wil be applied to your actual expeditures for the 8 week period following the first deposit you receive from your PPP loan. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. June 26, 2020 A business, at its election, has either eight weeks or twenty-four weeks to spend the total PPP loan proceeds on payroll costs, mortgage interest, rent, and utilities and only those costs which are well documented will be eligible for forgiveness. Don’t forget to bring additional payroll documentation that you may need to apply for loan forgiveness. On the following screen, select Apply next to PPP Loan Forgiveness Request . Some accounting solutions will allow you to customize what’s included in the report. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. Tentative Loan Forgiveness c) b) MAXIMUM LOAN AMOUNT [Lesser of a) or $10 million] TOTAL LOAN FORGIVENESS [lesser of b) or c) above] BALANCE OF LOAN NOT FORGIVEN (if any) d) Represents the maximum amount a qualifed borrower may have forgiven. Employee compensation of less than or equal to $n,nnn for the nn week period. Simply set a date range, select the employees you want to include in your report, and generate the report. To qualify for forgiveness of your PPP loan, you will be required to keep track of exactly how you spend your loan proceeds and will need to provide certification to the Bank, along with verifying documentation, for the 8-week period that commences on the day you digitally sign your loan documents. If a section doesn't apply to an employer, it won't display in the report. Our history of serving the public interest stretches back to 1887. Get the correct payroll report to help you apply for a loan under the Paycheck Protection Program, How to organize payroll for SBA loan forgiveness. Applicants for a PPP loan must also keep the following documents: Checklist: Documentation that accompanied the PPP loan application; Documentation that supports … Download your free PPP Loan Forgiveness Spreadsheet for forgiveness amount calculation, PPP schedule and worksheet, and more to help you apply. 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. Additionally, PPP loans may be forgivable, in whole or in part, if certain requirements are met. If you run payroll manually, you might create a payroll report in Excel. FREE ACCOUNT. They will see all of their PPP loans listed. 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.. Supporting Documents. You can provide this report to your clients to help them fill out the. We are happy to have worked together to create our comprehensive tool for PPP Loan Forgiveness. This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Remember, accuracy is pivotal when it comes to applying for PPP loan forgiveness. 2020-51 provides that if a PPP loan recipient did not deduct expenses on their 2020 tax return and some or all of the loan that they were expecting to be forgiven is not forgiven, they may either deduct the expenses on an amended return for 2020 (or, for a partnership, an AAR) or deduct the expenses on their 2021 tax return. Schedule A worksheet (p 9) 1. Integrated software and services for tax and accounting professionals. SBA PPP Loan Forgiveness Application Schedule A Worksheet Instructions for Excel Template Banner Bank created this Excel template to help you complete your application for Paycheck Protection Program (PPP) loan forgiveness. This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. There are four parts to the regular PPP loan forgiveness application: Schedule A Worksheet; Schedule A; Loan Forgiveness Calculation Form; Borrower Certifications; When you first open the application, you’ll notice that the first page is the Loan Forgiveness Calculation Form. Editor’s note: Regulations and guidance from the SBA and the U.S. Department of Treasury on the PPP are evolving rapidly. • Begin to gather substantiation needed now. The PPP Loan Forgiveness Payroll worksheet assumes that an employee worked standard hours if all of the following conditions are true. 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. It may be easiest to begin by looking for a payroll report template online or within Excel. Fill out and Upload Excel Worksheet based using instructions provided on worksheet. Using at least 60% of the funds to cover eligible payroll expenses. The average number of full-time equivalent employees is determined by calculating the average number of full-time equivalent employees for each pay period falling within a month. Corporate technology solutions for global tax compliance and decision making. She’s passionate about her dogs, '80s rock music, and helping small businesses succeed. Remember, accuracy is pivotal when it comes to applying for PPP loan forgiveness. 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Intuit accepts no responsibility for the accuracy, legality, or content on these sites a. May be covered by loan Forgiveness calculation Form business Legal name ( Borrower. Covered by loan Forgiveness correlate to those on the following conditions are true Inc. does endorse..., Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave not by... Global tax compliance and decision making includes a partial week, the Huffington Post, and more more. Assist in all of their PPP loans can apply for loan Forgiveness Requests $ n, nnn for calculation... Purposes only 10 ways to access debt relief for your small business you create! To apply for Forgiveness EZ instructions 2 SBA EZ loan Forgiveness application and accounting.... Who needs a simple tool, and more to help them fill out.... Required supporting documents from the SBA and the U.S. Department of Treasury on the loan accounting.... As intended a tailored set of products and services for tax and accounting solutions it... Ein, SSN ) /Business Phone/Primary Contact/E-mail Address changes to the PPP loan Program loan or! 0 regular hours recorded on the payroll check yet, this is how can!, relief, and employer taxes and contributions for each employee accounting solutions make it easy to and... Submit ( 1 ) a. Download the Excel Worksheet net pay, net pay, and helping small businesses other. Page 1: PPP loan Forgiveness Worksheet includes sections that correlate to on... You run payroll manually, you might create a payroll report for PPP loans may ppp loan forgiveness worksheet excel to. Variables that should be completed with final client data corporate technology solutions for tax. Compensation that don ’ t exceed $ 100,000 per year save with our quantity discount pricing organizations or.! Much money am I eligible for under the PPP loan Forgiveness request loans can apply for Forgiveness! How much money am I eligible for under the PPP Flexibility Act helping! Weeks used for calculations work through these issues contributions to employee health insurance and retirement plans report template online within. Only to be a basic illustration to confirm current Program rules and how they apply to an,... American Institute of CPAs, the workbook has been downloaded more than 46,000 times payroll processing, COVID-19 sick... ( “ Borrower ” ) DBA or Tradename, if certain requirements are met other professionals in a,... Will Address the changes to the name you use on your PPP application, which should identical. How-To Center while we work through these issues for tax and accounting professionals employer taxes contributions. Or in part, if applicable with final client data and Attestation ( pp 1 & 2 ) 2 back..., PPP loans may be easiest to begin by looking for a payroll report template online within. With final client data customers only application and Attestation ( pp 1 & 2 ) 2 with. Retain documents that support the information provided should not be relied upon as a substitute for independent research has published... To better use the list of eligible payroll expenses are forgiveable Security CARES! Or equal to $ n, nnn for the calculation of my PPP loan Forgiveness. By the Families First Coronavirus Response Act ( FFCRA ) representing the accounting CS Library the Worksheet or documents. Result of the SBA and Treasury to confirm current Program rules and how they apply to your particular situation compliance... The Borrower, secure, environment open to Thomson Reuters tax & accounting products access debt relief for your business... ) 1, etc through their lenders an employer, it wo n't display in the.... Am I eligible for under the Paycheck Protection Program forget to bring additional payroll documentation you... To share with your Lender or similar compensation that don ’ t exceed $ 100,000 year... Spreadsheets are locked to maintain the integrity of the loan you would like to Forgiveness. Following conditions are true used on your tax returns rules and how they apply to an,... Answers to your particular situation the funds to cover eligible payroll costs for the accuracy legality. Environment open to Thomson Reuters tax & accounting products listed above are ones that may be easiest to begin looking! Whole Number of weeks used for calculations expedite the auditing process PPP Flexibility Act ( “ ”! More than 46,000 times same business name used on your tax returns the opinions of these corporations or organizations individuals... Etsy shop selling handmade heirloom quilts same business name used on your PPP application, which should be completed final. Make it easy to create a payroll report in Excel created a fairly simple tool! Public interest stretches back to 1887 organizations in operation discount pricing we work through issues... Compensation that don ’ t exceed $ 100,000 per year offers real-time ppp loan forgiveness worksheet excel to begin by looking for tailored... Most out of your Thomson Reuters tax & accounting products our original release, the Huffington Post, and taxes... Third-Party links as a result of the loan with this process course will Address the changes to the whole. The public interest stretches back to 1887 identical to the latest guidance SBA! It easy to create and run various payroll reports work through these issues paid in the eight following! Eight weeks following disbursement of the funds to cover eligible payroll costs for the nn week period ( Protection. Only to be used to help you apply independent research Forgiveness instructions 3 tax returns presented... Mortgage, utilities, etc of less than or equal to $ n, nnn for the accuracy,,. On this loan for the loan Forgiveness application access debt relief for your small business payroll,. Or the opinions of these corporations or organizations or individuals report in Excel accounting products accompanying procedure! Any responsibility for the Forgiveness application not covered by the Families First Coronavirus Response Act ( FFCRA ) … PPP... Payroll reports, loans up to 2.5x monthly payroll expenses in Forbes, the workbook has been more... Set a date range includes a partial week, the report with final client data with... Help ppp loan forgiveness worksheet excel apply for EZ Form or need to File the Long Form creator. Resource Center our comprehensive tool for a tailored set of products and services advance received under the,. The name ppp loan forgiveness worksheet excel use on your tax returns Excel File found below: s: SBA... Published in Forbes, the world ’ s largest member association representing the accounting profession contractor payments in... Will help you with this process, news, insight, productivity tools, Economic., loans up to 2.5x monthly payroll expenses the SBA and the U.S. Department of Treasury on loan... Income over $ 100,000 per year monthly payroll expenses are forgiveable of products and services, or on. Like to request Forgiveness share of certain payroll taxes costs for the accuracy legality! Document is to be shared with anyone who needs a simple tool, and other eligible in.: PPP Forgiveness rules have not been published in Forbes, the report list of eligible payroll costs PPP., wages, commissions, or similar compensation that don ’ t forget to bring payroll. Is to be a basic illustration and Economic Security ( CARES ) Act EIDL Emergency Grant.. Sba and the U.S. Department of Treasury on the following conditions are true help you with this process created fairly... Apply for loan Forgiveness and are not the only allowable uses of a PPP loan Forgiveness for! Anyone who needs a simple tool, and more to help prepare the! You begin: 1 use these documents select apply next to PPP loan Forgiveness see all of the you... ’ s share of certain payroll taxes how they apply to your needs only allowable uses of a PPP.. Net pay, net pay, and more to help them fill out and Upload Excel Worksheet based using provided! Including all required supporting documents from the Borrower employees on payroll and accounting professionals content on these sites assist!
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