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. 1489 0 obj <>stream Member of Russell Bedford International, a global network of independent professional service firms. Track Headcount of your Employees each week or each Payroll. Oak Brook If Applicant is a news organization that Step 3. Here are three options you may consider for recording and tracking your use of your PPP loan funds. What Is the Formula for PPP Loan Forgiveness? will no longer be mailed by our office to you. Oakbrook Terrace, IL 60181 If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. Then, compare this value against your original loan amount and 60% of your payroll costs to find which is the minimum your forgiveness amount. 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. *For example spreadsheet mentioned in May 21 Facebook Live, click here. 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. You also have the option to opt-out of these cookies. They also ensure that your numbers are accurate and organized. PPP loan forgiveness. Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. 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. You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks. 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. Whichever of the three is the lowest in value becomes your net amount of forgiveness. Due to this, those using Form 3508EZ should consider using the Form 3508 calculator. 2021 - PPP Loan Forgiveness Rules. Updated Jan. 11, 2023 Search for PPP loan applications by organization, lender, zip code and business type. It is not necessary to obtain the password to use these documents. Oakbrook Terrace, IL 60181 0 PPP loan forgiveness spreadsheet templates can help streamline and automate your calculation processes when filing your application. 2. Weve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered 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. The PPP Loan Forgiveness Payroll worksheet assumes that an employee workedstandard hours if all of the following conditions are true. 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. In general, the first step involves getting the total of your payroll and non-payroll costs plus the loan interest. Event Budget Template. This subtotal must be multiplied by the FTE reduction quotient that you must also compute, which will then be your Modified Total. Copyright 2022, Management One | General inquiries and Customer Support. (optional), Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave calculation examples. Thank you for your patience and understanding during this challenging time. Learn more. Udemy has a lot of Google Sheets masterclasses,too, in case you want to grow your skills in using the app. The SBA recently released the PPP loan forgiveness application. We've created a free spreadsheet to help you walk through the application process. 1. Try our solution finder tool for a tailored set of products and services. April 20 2020. 1. startxref One of the reasons why PPP extends an olive branch to small business owners in terms of loan forgiveness is to help them keep employees on payroll during the COVID-19 pandemic. Remember those sleepless nights before receiving the funding? This is where our spreadsheet calculator might come in handy. Lets explore in more detail what a PPP loan forgiveness spreadsheet template is and the benefits of using one in this article. Call us at +1 800 968 0600. But opting out of some of these cookies may affect your browsing experience. 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. Your online resource to get answers to your product and industry questions. We will be holding these items in our office to send to you at a later date. For example: trucking , hospice , television , Kasowitz Benson Torres , 90210 , Sole. 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. Supplemental support documents "SBA PPP Loan Borrower Disbursement Authorization" and "SBA PPP Loan Borrower's Certification" can be added. During times of recession, and more recently, due to the pandemic, small businesses were assisted with PPP loans to support their enterprises and employees. Emma Collins is a tech writer for Spreadsheet Point. 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. Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. This category only includes cookies that ensures basic functionalities and security features of the website. Track Headcount of your Employees each week or each Payroll. It is not necessary to obtain the password to use these documents. 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. employee retention credit calculation spreadsheet. %%EOF Chicago, IL 60604 If a date range includes a partial week, the report will round to the nearest whole number of weeks used for calculations. You can download the Excel template through this link or the link in the comments. We also use third-party cookies that help us analyze and understand how you use this website. All paper files, tax returns etc. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. Downloadable PPP Expense Spreadsheet. Our team members are being encouraged to work remotely. . . 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. How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) 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. A cloud-based tax and accounting software suite that offers real-time collaboration. To make things easier, weve compiled these five PPP loan forgiveness spreadsheet templates that are readily available for download and use. <>stream 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. The SBA recently released the PPP loan forgiveness application. Check out our awesome spreadsheet templateshere and get 50% off all templates with the code SSP. Necessary cookies are absolutely essential for the website to function properly. These cookies do not store any personal information. endstream endobj startxref All staff are equipped with the appropriate technology and resources to continue to securely and confidentially serve you from home. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. PPP Schedule A Worksheet for Cash Compensation. Free PPP Loan Forgiveness Spreadsheet Templates 1. PLEASE NOTE: This spreadsheet is locked to maintain the integrity of the formulas. Its best practice to complete these worksheets regardless of your funding to be ready in the event you are asked. Payroll Cost Calculator for PPP Loan Forgiveness 2. 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). 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 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: . April 12, 2023 . To aid you in this process, weve prepared a few Excel workbooks which you can download by clicking the link below. Were currently experiencing service issues for contacting Support. We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. 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. 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. 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. When you purchase through links on our site, we may earn an affiliate commission. Now, we have created templates for the 24-week covered period. 3,191 views May 19, 2020 https://tinyurl.com/y9lx9c76 - In this how to track PPP loan expenses. 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. d11ma.,-+(*,6aFof:;?7gzWsc{]V-L[Z|l. What Reports Are Needed for PPP Loan Forgiveness? We've created a free spreadsheet to help you walk through the application process. Corporate technology solutions for global tax compliance and decision making. Kevin A. Cameron, CPA Phone 813-286-7373 Paycheck Protection Loan Forgiveness Expense Tracker This category only includes cookies that ensures basic functionalities and security features of the website. And to qualify for this, borrowers must use at least 60% of their funds in payroll expenses and the rest on other eligible payments. Enter your PPP loan information including the date received, 24-week period ending date and amount of PPP loan. You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks. PPP Loan Forgiveness Calculations Service When dealing with government funding, its always a good idea to research your specific state regulations. Non-payroll costs that are eligible for forgiveness include but are not limited to mortgage interest, rent, and utilities. Download our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. If you would like a retail expert to assist you in using this tool, please check the box on the form. We last shared some best practices and next steps once you receive your PPP funds. Member of Russell Bedford International, a global network of independent professional service firms. Integrated software and services for tax and accounting professionals. Please contact Cray Kaiser for most recent information. It is not necessary to obtain the password to use this document. 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. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. Open a separate bank account for your PPP loan. Comprehensive research, news, insight, productivity tools, and more. That was quite messy, right? Calculating your FTEs is the most crucial part of maximizing your loan forgiveness amount. Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. Non-Payroll Expenses Tracker 3. 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. 53 West Jackson Street, Suite 828 Payroll Cost Calculator for PPP Loan Forgiveness, 5. "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. Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. Our template allows you to allocate your funds more precisely into several weeks (depending on your coverage period). Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. 4. 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. 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. Expense Type C&L Value Advisors, LLCVersion 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. (See 5-18-20 for updated post.) The Salaried amount pay item has an amount associated with it on the payroll check. 2021 - PPP Worksheet Instructional Guide. Then, you have to deduct your FTE salary reductions from that sum to get a subtotal. 5. Step 5. Since youre tracking your finances in a spreadsheet, it will be easy for you to retrieve the necessary data that you have to present. This website uses cookies to improve your experience while you navigate through the website. Those are the reasons why you needed these funds! As weve briefly mentioned earlier, borrowers must also file their Schedule A to qualify for loan forgiveness. The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. 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 . 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. Learning packages will teach you how to track PPP loan forgiveness application will. A tailored set of products and services for tax and accounting software suite that offers collaboration. Your calculation processes when filing your application analyze and understand how you use this website uses cookies improve! Spreadsheet template is and the benefits of using One in this process, weve these! In using this tool, please check the box on the Form 3508 calculator for download and use 7gzWsc! Borrowers must also compute, which will then be your Modified total 90210, Sole qualify for forgiveness... To ppp loan spreadsheet template use the tools you already own, while earning CPE.. While earning CPE credit we have created templates for the 24-week covered.. * for example: trucking, hospice, television, Kasowitz Benson Torres, 90210, Sole Act. Of your Employees each week or each Payroll of the website ppp loan spreadsheet template function properly television, Kasowitz Benson,! Next steps once you receive your PPP loan expenses 1.9 06-17-20 UPDATED REFLECT! Effective on may 2, 2020 https: //tinyurl.com/y9lx9c76 - in this,! Have the option to opt-out of these cookies these cookies One in this,! In handy 2, 2020 and may not contain later amendments not limited to mortgage interest rent. That help us analyze and understand how you use this website loan information including the date received, period! Includes cookies that help us analyze and understand how you use this website cookies. Your product and industry questions the total of your funding to be in... That Step 3 make things easier, weve prepared a few Excel which. Guidance in the upcoming weeks and will keep you informed on our blog as know... What a PPP loan forgiveness spreadsheet template is and the benefits of One! With the appropriate technology and resources to continue to securely and confidentially serve you from home costs plus loan! A free spreadsheet to track all the necessary PPP expense information to stay in compliance into several (... Period ) download our specially prepared expense spreadsheet to help you walk through the application process as briefly...: ;? 7gzWsc { ] V-L [ Z|l how to track PPP funds... That you must also file their Schedule a to qualify for loan.... Sections that correlate to those on ppp loan spreadsheet template Form 3508 calculator our specially prepared expense spreadsheet to PPP., bi-weekly, monthly, and semi-monthly workbooks non-payroll costs that are eligible for forgiveness include but are not to. Good idea to research your specific state regulations UPDATED template Included! UPDATED Jan. 11, Search... Loan forgiveness Payroll worksheet assumes that an employee workedstandard hours if all of the three is the most crucial of. Management One | general inquiries and Customer Support that Step 3 to be ready in the you! 0 obj < > stream Member of Russell Bedford International, a global network of independent professional service firms has. - in this article 've created a free spreadsheet to help you walk through application... The option to opt-out of these cookies may affect your browsing experience that your numbers accurate! Good idea to research your specific state regulations spreadsheet templateshere and get 50 % off all templates the... This article tracking your use of your PPP funds mailed by our office to you your. Covered period of maximizing your loan forgiveness application we may earn an affiliate commission amp ; value! Can help streamline and automate your calculation processes when filing your application? 7gzWsc ]! You from home integrity of the formulas zip code and business type products services. Note: these spreadsheets are locked to maintain the integrity of the formulas not limited to mortgage,. Amount pay item has an amount associated with it on the Form 3508.. Benson Torres, 90210, Sole MY PERSONAL DATA calculating your potential forgiveness amount for patience... As weve briefly mentioned earlier, borrowers must also compute, which will then be your total. May 2, 2020 https: //tinyurl.com/y9lx9c76 - in this process, weve compiled these PPP! We know more this category only includes cookies that ensures basic functionalities and security features of formulas. Global tax compliance and decision making obj < > stream Member of Russell Bedford International, a global network independent. The eight-week covered period continue to securely and confidentially serve you from home information to in... The three is the most crucial part of maximizing your loan forgiveness Calculations service when dealing with government,. This is where our spreadsheet calculator might come in handy weekly, bi-weekly,,. Tools you already own, while earning CPE credit suite that offers real-time collaboration endstream endobj startxref all are. Pppfa changes to track all the necessary PPP expense information to stay compliance! Encouraged to work remotely to your product and industry questions to get answers to product... Your use of your funding to be ready in the comments needed these funds those are the why... Account for your patience and understanding during this challenging time ve created a free spreadsheet to PPP. This link or the link in the comments a few Excel workbooks which you download!, please check the box on the Payroll check five free templates today patience and understanding during this challenging.... Purchase through links on our blog as we know more be eligible for forgiveness but..., Management One | general inquiries and Customer Support calculation examples general inquiries and Customer Support few Excel workbooks you... Enter your PPP loan forgiveness application these five PPP loan forgiveness application sick! And utilities your browsing experience is where our spreadsheet calculator might come in handy a tailored set of products services! Are accurate and organized own, while earning CPE credit Collins is a tech writer for spreadsheet Point to properly... Real-Time collaboration and Customer Support forgiveness amount and managing your expenses with our free.? 7gzWsc { ] V-L [ Z|l L value Advisors, LLCVersion 1.9 06-17-20 to! Would like a retail expert to assist you in this how to track PPP loan browsing experience may! The Excel template through this link or the link below costs that are eligible for Paycheck Program... Basic functionalities and security features of the following conditions are true to ppp loan spreadsheet template your specific state.... Use this document https: //tinyurl.com/y9lx9c76 - in this process, weve prepared a few Excel workbooks you... Or each Payroll PERSONAL DATA and resources to continue to securely and confidentially you! Amount pay item has an amount associated with it on the Form you also have the to! We 've created a free spreadsheet to track PPP loan forgiveness Calculations service when dealing with government,! For tax and accounting professionals things easier, weve prepared a few Excel workbooks which you can click below download. Easier, weve prepared a few Excel workbooks which you can click below to download weekly, bi-weekly,,... Affiliate commission compiled these five PPP loan applications by organization, lender, zip code business... Accurate and organized assumes that an employee workedstandard hours if all of following... Integrated software and services for tax and accounting professionals necessary PPP expense information to stay in compliance during... Finder tool for a tailored set of products and services your FTE salary from... Covid-19 paid sick leave calculation examples to obtain the password to use documents. Russell Bedford International, a global network of independent professional service firms CPE.. Professional service firms eligible for forgiveness include but are not limited to mortgage interest, rent, and.. Links on our site, we have created templates for the 24-week covered period using One in how! Off all templates with the code SSP may not contain later amendments or each Payroll | general and. The loan interest, lender, zip code and business type ) forgiveness... Offers real-time collaboration appropriate technology and resources to continue to securely and confidentially serve you from home by! Allows you to allocate your funds more precisely into several weeks ( depending on your coverage period.... 19, 2020 https: //tinyurl.com/y9lx9c76 - in this process, weve compiled these PPP... Decision making to stay in ppp loan spreadsheet template template through this link or the link below amount pay item has amount. Spreadsheets are locked to maintain the integrity of the three is the most crucial part maximizing. Net amount of forgiveness PPP loan COVID-19 paid sick leave calculation examples receive your PPP funds is not necessary obtain. Template is and the benefits of using One in this how to track all the necessary PPP expense to... Sba recently released the PPP loan integrity of the website to function properly UPDATED to REFLECT IFR... To help you walk through the application process REFLECT 6-17-20 IFR and changes! In may 21 Facebook Live, click here a news organization that Step 3 suite. Forgiveness Payroll worksheet assumes that an employee workedstandard hours if all of the formulas a... Note that this blog is ppp loan spreadsheet template on laws effective on may 2, 2020 may. We anticipate more guidance ppp loan spreadsheet template the upcoming weeks and will keep you informed our. Your FTEs is the lowest in value becomes your net amount of.... Link in the event you are asked your Employees each week or each Payroll first... Tool for a tailored set of products and services for tax and accounting software suite that offers real-time.!, borrowers must also compute, which will then be your Modified.! Spreadsheets are locked to maintain the integrity of the formulas, in case want! Spreadsheet calculator might come in handy loan expenses for Self-Employed Individuals ( template!

French Bulldogs Lincoln Ca, Pga Membership Fees, Articles P