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. Schedule A (p 6) 1. 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. 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. It may be easiest to begin by looking for a payroll report template online or within Excel. Determine if you can use the SBA EZ Loan Forgiveness Application. 2020-27; Rev. Use of this template is optional. Once you’ve calculated your Payroll Costs (line 10), enter the total on Line 1 of the PPP Loan Forgiveness … 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). Rul. 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. Supporting Documents. Please use the Help & How-To Center while we work through these issues. For use by Union Bank only. This course will address the changes to the PPP Loan Forgiveness Application as a result of the PPP Flexibility Act. Myranda currently resides in Boise, Idaho, where she runs an Etsy shop selling handmade heirloom quilts. For entities with loan funds in … PPP Forgiveness Worksheet. 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. C Page 1: PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable. 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. Get the most out of your Thomson Reuters Tax & Accounting products. 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. A Worksheet –FTE Reduction Excel File found below: S:\2 SBA Paycheck Protection Program\5.) Applicants for a PPP loan must also keep the following documents: Checklist: Documentation that accompanied the PPP loan application; Documentation that supports … Please read the instructions in the worksheet which indicate how to use the resources as intended. Carefully review the SBA Provided Instructions. Rent or lease payments in the eight weeks following disbursement of the loan. Corporate technology solutions for global tax compliance and decision making. All Borrowers must submit (1) and (2) to their Lender. 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. Payroll costs paid in the eight weeks following disbursement of the loan. PPP loan and forgiveness calculations and eligibility may vary. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. Any advance received under the Coronavirus Aid, Relief, and Economic Security (CARES) Act EIDL Emergency Grant program. 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. The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. The PPP Schedule A Worksheet is not required to accompany the PPP loan forgiveness application. Forgiveness Underwriting. Option (2) a. 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. Print or export your report to Excel to share with your lender. Post & Schell, P.C. If calculations have already been made, numbers can be plugged directly … An excel spreadsheet will be provided to assist in all of the necessary calculations. 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. 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. 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. Do contractor payments count in my average payroll costs for the calculation of my PPP loan request? 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.. 241.1 KB Download. 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. | QuickBooks, https://quickbooks.intuit.com/r/coronavirus/ppp-payroll-report/. The CARES Act says PPP loans may be forgiven without any tax consequences. Schedule A instructions (p 5) 3. Note: PPP forgiveness rules have not been published by SBA yet, this is only meant to be a basic illustration. Your online resource to get answers to your product and industry questions. Private and confidential. Any employee’s income over $100,000 per year. Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. The PPP Loan Forgiveness Worksheet includes sections that correlate to those on the loan forgiveness application. Business utility payments in the eight weeks following disbursement of the loan. The PPP Loan Forgiveness Payroll worksheet assumes that an employee worked standard hours if all of the following conditions are true. Instructions for PPP Loan Forgiveness Calculation Form . Readers should verify statements before relying on them. a. SBA Application for Forgiveness EZ Instructions OR b. SBA Application for Forgiveness Instructions 3. Total of 5 months. 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. Filled in amounts are for illustation purposes … 2. File: PPP-Forgiveness … Mortgage interest payments in the eight weeks following disbursement of the loan. • Determine if you qualify for EZ form or need to file the Long Form. We're sorry. VEDA cannot submit Forgiveness Applications to the SBA without including all required supporting documents from the Borrower. If you run payroll manually, you might create a payroll report in Excel. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. If you run payroll manually, you might create a payroll report in Excel. Intuit accepts no responsibility for the accuracy, legality, or content on these sites. On the following screen, select Apply next to PPP Loan Forgiveness Request . PPP loan forgiveness application breakdown. Under the PPP, loans up to 2.5x monthly payroll expenses are forgiveable. Thursday, April 23, 2020. A cloud-based tax and accounting software suite that offers real-time collaboration. 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. • Begin to gather substantiation needed now. Payment receipts, cancelled checks, or account statements showing employer contributions to employee health insurance and retirement plans. 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… Remember, accuracy is pivotal when it comes to applying for PPP loan forgiveness. Comprehensive research, news, insight, productivity tools, and more. 10 ways to access debt relief for your small business. Can you tell us why? The employer’s share of certain payroll taxes. 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 ----- How can I spend a Paycheck Protection Program loan? Compensation for employees who live outside the U.S. Application Instructions; VEDA PPP Forgiveness Checklist Important Forgiveness Information. Major Topics. Simply set a date range, select the employees you want to include in your report, and generate the report. Learn more. 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. 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. 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. Integrated software and services for tax and accounting professionals. 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. Paid parental, family, medical, or sick leave not covered by the Families First Coronavirus Response Act (FFCRA). These documents include, but may not be limited to: For a full list of required information and documentation, see the PPP Loan Forgiveness Application. Applicable laws may vary by state or locality. 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. Refer to the SBA.gov for information about your particular situation. Connect with other professionals in a trusted, secure, environment open to Thomson Reuters customers only. Creating a payroll report may help verify these numbers and expedite the auditing process. Don’t forget to bring additional payroll documentation that you may need to apply for loan forgiveness. Option (1) a. Download the Excel Worksheet. We are happy to have worked together to create our comprehensive tool for PPP Loan Forgiveness. 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. Creating a PPP payroll report in Excel. Editor’s note: Regulations and guidance from the SBA and the U.S. Department of Treasury on the PPP are evolving rapidly. The uses listed above are ones that may be covered by loan forgiveness and are not the only allowable uses of a PPP loan. Certain state and local taxes assessed on compensation. Applying for PPP Loan Forgiveness •Forgiveness Forms -11 pages •Breaks into five pieces; 1 and 2 must be submitted to Lender: 1. If a section doesn't apply to an employer, it won't display in the report. 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. The loans are intended to keep employees on payroll and keep small businesses and other eligible organizations in operation. For each use of the PPP loan funds listed (payroll, lease, mortgage, utilities, etc. The Salaried amount pay item has an amount associated with it on the payroll check. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. 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. Most payroll summary reports include gross pay, adjusted gross pay, net pay, and employer taxes and contributions for each employee. Some accounting solutions will allow you to customize what’s included in the report. This is not official SBA guidance. b. The excel spreadsheet was built to help businesses manage through the SBA’s Paycheck Protection Program (PPP). 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. She graduated with a degree in English and Journalism from Boise State University. Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. Application instructions (pp 1 & 2) 2. Fill out and Upload Excel Worksheet based using instructions provided on worksheet. An employee working 40 hours or more will be 1.0 FTE. NOTE: Yellow highlighted cells represent variables that should be completed with final client data. Proc. She’s passionate about her dogs, '80s rock music, and helping small businesses succeed. If a section doesn't apply to an employer, it won't display in the report. Using at least 60% of the funds to cover eligible payroll expenses. – 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. 's Paycheck Protection Program Loan Forgiveness Tool. DWH staff is available for further support. Additionally, PPP loans may be forgivable, in whole or in part, if certain requirements are met. Our history of serving the public interest stretches back to 1887. The new ruling and accompanying revenue procedure (Rev. Download PPP Loan Forgiveness Application. 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. Use the list of eligible payroll costs to customize the payroll report to your needs. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. 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. Business Address/Business TIN (EIN, SSN)/Business Phone/Primary Contact/E-mail Address. Among others, these criteria include. Since our original release, the workbook has been downloaded more than 46,000 times. 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. Employee cash compensation, including salaries, wages, commissions, or similar compensation that don’t exceed $100,000 per year. ACCESS. Most payroll and accounting solutions make it easy to create and run various payroll reports. Intuit does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. 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. Your PPP loan is 100% forgivable if you follow SBA forgiveness guidelines. *This is not a required document and is only to be used to help prepare for the forgiveness application. We’re currently experiencing service issues for contacting Support. 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. It is not necessary to obtain the password to use these documents. This is how you can create a payroll report to simplify the application process. We recommend all borrowers consult with their bank, legal, financial, and business advisors regarding interpretation and implementation of the loan forgiveness program. 6 The client is navigated to the application for Loan Forgiveness Requests. 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. You can provide this report to your clients to help them fill out the. If a date range includes a partial week, the report will round to the nearest whole number of weeks used for calculations. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. Review the PPP Forgiveness Application Form; Review the EZ Application Form; Interim Final Rules This document is to be shared with anyone who needs a simple tool, and walk-through instructions, for calculating loan forgiveness. Employee compensation of less than or equal to $n,nnn for the nn week period. We are the American Institute of CPAs, the world’s largest member association representing the accounting profession. 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. Rev Proc. Additional information and exceptions may apply. Please refer to the latest guidance from SBA and Treasury to confirm current program rules and how they apply to your particular situation. Add lines 1, 4, 6, 7, 8, 9 together to calculate your Payroll Costs. Schedule A worksheet (p 9) 1. They will see all of their PPP loans listed. 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. 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