How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) These cookies do not store any personal information. You also have the option to opt-out of these cookies. This is actually pretty self-explanatory, but to reiterate, its a tool that helps small businesses track and calculate their estimated loan forgiveness amounts under the Paycheck Protection Program(PPP). The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and 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. Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. PPP Loan Forgiveness Calculations Service All staff are equipped with the appropriate technology and resources to continue to securely and confidentially serve you from home. Call us at +1 800 968 0600. JPMorgan Chase Bank, N.A. 0 When you purchase through links on our site, we may earn an affiliate commission. All loan terms will be the same for everyone. Today, we are making available the excel spreadsheet template to assemble the SBA 147 Notes via our batch processing software. Member of Russell Bedford International, a global network of independent professional service firms. Consult with your payroll provider to properly track Sick/Medical Leave. (The file will appear in your downloads). And with such automation, you can complete the work faster and focus more on other requirements. We wish you, your family, and your business health and safety. 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. To apply for forgiveness of a Paycheck Protection Program (PPP) loan, borrowers will be asked for a count of their full-time equivalent (FTE) employees. SpreadsheetPoint is supported by its audience. Please contact Cray Kaiser for most recent information. Download Excel | Try Smartsheet. 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. Necessary cookies are absolutely essential for the website to function properly. Loan Forgiveness Application Revised June 16, 2020 OMB Control Number 3245-0407 Expiration Date: 10/31/2020 . Instead, please drop off any packages outside the office door of our suite in the box provided. employee retention credit calculation spreadsheet. Chicago, IL 60604 PPP lender information. To aid you in this process, weve prepared a few Excel workbooks which you can download by clicking the link below. 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 . 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. GrowthLab has created a template that allows you to enter the wages, on an employee-by-employee. 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. These cookies will be stored in your browser only with your consent. Download the PPP Loan Calculator Non-seasonal & In business, File name: ppp-loan-calculator-non-seasonal-operational-in-2019.xlsx, Download the PPP Loan Calculator Nonseasonal & NOT in business, File name: ppp-loan-calculator-non-seasonal-non-operational-in-2019.xlsx, Download the PPP Loan Calculator Seasonal business, File name: ppp-loan-calculator-seasonal-employers.xlsx, Download the PPP Loan Calculator Self-employed, File name: ppp-loan-calculator-self-employed.xlsx, Every bit of feedback you provide will help us improve your experience. If Applicant is a news organization that Then, you have to deduct your FTE salary reductions from that sum to get a subtotal. 4. 1. Can you tell us why? Email - Expect a 24-48 hour turnaround Its now time to start tracking your use of the funds to determine the amount to be forgiven. Get the most out of your Thomson Reuters Tax & Accounting products. 1901 S. Meyers Road, Suite 230 The values in these fields are automatically summed up based on your input. CARES Act PPP Loan Expense Tracker & Forgiveness Calculator Version 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. This is where our spreadsheet calculator might come in handy. You have to compare this total against two other metrics: the 60% payroll requirement and the original PPP loan amount. 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. After preparing your total payroll costs, non-payroll expenses, and FTE calculations, you can now start calculating your PPP loan forgiveness amount. endstream endobj startxref Non-Payroll Expenses Tracker 3. PPP Schedule A Worksheet for Cash Compensation Frequently Asked Questions 1. With several factors to consider, it helps to have a template that organizes your data and accurately computes the necessary values for you. Payroll Cost Calculator for PPP Loan Forgiveness 2. Monadnock Building 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). We also use third-party cookies that help us analyze and understand how you use this website. PK ! 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. 6. 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. Track Headcount of your Employees each week or each Payroll. What Is the Formula for PPP Loan Forgiveness? 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. PPP Forgiveness Calculator 5. Non-payroll costs that are eligible for forgiveness include but are not limited to mortgage interest, rent, and utilities. Fill out the form to get our free loan forgiveness calculator spreadsheet, including: *Access the SBA's official Loan Forgiveness Application here. This website uses cookies to improve your experience while you navigate through the website. ;}h|19F$+Dt#2. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. This is a spreadsheet template for those small businesses that need help completing the PPP Loan Forgiveness Application. 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. All paper files, tax returns etc. This also vouches for the accuracy of your numbers since theyre computed automatically using formulas weve set up for you. If you would like a retail expert to assist you in using this tool, please check the box on the form. Oakbrook Terrace, IL 60181 %%EOF But opting out of some of these cookies may affect your browsing experience. The SBA recently released the PPP loan forgiveness application. CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. <>stream 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. And to qualify for this, borrowers must use at least 60% of their funds in payroll expenses and the rest on other eligible payments. 2. The loan provides for an "8-week loan use period", so we have included a "Week 9" to address receipt of loans mid-week. Sheet1 Company Name Recommended Best Practices April 15, 2020 to June 15, 2020 Note:,This file is intended to assist you in the evaluation of the use of PPP funds and is not intended to be submitted to lenders or the SBA for purposes of loan forgiveness Upon receipt of loan documents: Have a boa. We anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. (optional), Families First Coronavirus Response Act - Impact on payroll processing, COVID-19 paid sick leave calculation examples. 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. This category only includes cookies that ensures basic functionalities and security features of the website. 1901 S. Meyers Road, Suite 230 PPP vs. ERTC: ECONOMIC VALUE CALC (pdf) EXCEL SPREADSHEETS PPP vs. ERTC: ECONOMIC VALUE CALC (Excel) CALCULATE AVG. Kevin A. Cameron, CPA Phone 813-286-7373 Paycheck Protection Loan Forgiveness Expense Tracker The more you buy, the more you save with our quantity discount pricing. Download .pdf File size: 373KB Effective : July 30, 2021 Owned by : Office of Capital Access OMB Control Number : 3245-0407 Consult with your payroll provider to properly track Sick/Medical Leave. Consult with your accountant and/or loan provider to receive full information about your region. 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. PPP loan forgiveness. We will continue to support you as best as we can while keeping each others health a priority. 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. 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. Thank you for your patience and understanding during this challenging time. Developed a tracking spreadsheet in Excel for the PPP loan forgiveness process and worked closely with staff to meet federal PPP loan reporting requirements. 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. Oak Brook From the calculation of your employees wages to their full-time equivalency metrics, here are five spreadsheets that you can access for free. Limit owner salary to $20,833 and any non-owner with annual salary above $100,000 to $46,154. We last shared some best practices and next steps once you receive your PPP funds. Management One is a small business, just like most of your enterprises. 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. On top of that, weve also provided the fields for eligible non-payroll expenses in several columns. We're sorry. Customize it using your account names and numbers, and drill down as specifically as you want to. endstream 1. Event Budget Template. Enter the total wages paid during the PPP coverage period, after the mandated shutdown ended and through the end of the 24-week period. 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. Member FDIC. It is not necessary to obtain the password to use this document. For example: trucking , hospice , television , Kasowitz Benson Torres , 90210 , Sole. For everyone Excel workbooks which you can download by clicking the link below is a spreadsheet to... Opting out of your enterprises your numbers since theyre computed automatically using formulas weve set up for you maintain integrity. Work faster and focus more on other requirements a template that organizes data... 6-17-20 IFR and PPPFA changes you purchase through links on our site, we are available. 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