Chat - Best option for simple questions Download Excel | Try Smartsheet. SpreadsheetPoint is supported by its audience. Enter the total wages paid during the PPP coverage period, after the mandated shutdown ended and through the end of the 24-week period. April 20 2020. Member of Russell Bedford International, a global network of independent professional service firms. 3,191 views May 19, 2020 https://tinyurl.com/y9lx9c76 - In this how to track PPP loan expenses. Fax: (630) 953-4905, Chicago 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: . 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. And with such automation, you can complete the work faster and focus more on other requirements. 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. Keep track of Other Expenses. Track Headcount of your Employees each week or each Payroll. Work closely with your loan provider to answer key questions and confirm what documentation is required to track expenses/payments. endobj 1901 S. Meyers Road, Suite 230 Were currently experiencing service issues for contacting Support. Downloadable PPP Expense Spreadsheet. After preparing your total payroll costs, non-payroll expenses, and FTE calculations, you can now start calculating your PPP loan forgiveness amount. All paper files, tax returns etc. Home 5 Best PPP Loan Forgiveness Spreadsheet Templates. On top of that, weve also provided the fields for eligible non-payroll expenses in several columns. All in-person meetings are cancelled. Email - Expect a 24-48 hour turnaround 1. Our template allows you to allocate your funds more precisely into several weeks (depending on your coverage period). PPP loan forgiveness. Identify resource costs and plan an amount to budget for each area to keep your event on track and within budget. Our team members are being encouraged to work remotely. Get the most out of your Thomson Reuters Tax & Accounting products. The more you buy, the more you save with our quantity discount pricing. PK ! CALIFORNIA RESIDENTS: DO NOT SELL MY PERSONAL DATA. No clients or guests will be allowed in our suite. FTE Calculator for PPP Loans 4. Can you tell us why? Now, we have created templates for the 24-week covered period. 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. That was quite messy, right? PPP vs. ERTC: ECONOMIC VALUE CALC (pdf) EXCEL SPREADSHEETS PPP vs. ERTC: ECONOMIC VALUE CALC (Excel) CALCULATE AVG. These cookies will be stored in your browser only with your consent. 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. You can download the Excel template through this link or the link in the comments. 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? Fax: (630) 953-4905, Its Finally Here: Guidance on PPP Loan Forgiveness, An Important Update on Returning PPP Loan Funds, Learn More About CK's COVID-19 Support Services, Additional Guidance on the PPP Loan Application Process. Please contact Cray Kaiser for most recent information. (See 5-18-20 for updated post.) 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. endstream endobj startxref 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). 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. Loan Amortization Schedule Google Sheets Template + Guide, Debt Snowball Spreadsheet Template + Guide (Debt Free), Free Google Sheets Profit and Loss Template, Free Balance Sheet Template for Google Sheets, Google Sheets Mortgage Calculator: Free Template, How to Highlight Duplicates in Google Sheets (5 Easy Ways), IF CONTAINS Google Sheets Formulas [2 Clever Options], How to Make Multiple Selection in Drop-down Lists in Google Sheets, How to Apply Formula to Entire Column in Google Sheets, Download a Free Google Slides Timeline Template (3 Styles), Jeopardy Template For Google Slides (3 Free Downloads), How to Convert Word to Google Doc [Easy Guide], Volleyball Statistics Spreadsheet: Free Template [2023]. Download the PPP Loan Calculator - Non-seasonal & In business. Phone: (630) 953-4900 GrowthLab has created a template that allows you to enter the wages, on an employee-by-employee. We ask that you email efile@craykaiser.com to request your portal access. Integrated software and services for tax and accounting professionals. 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 Open a separate bank account for your PPP loan. Please contact Cray Kaiser for most recent information. 1. 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. Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. Have an easier time calculating your potential forgiveness amount and managing your expenses with our five free templates today. Step 5. PPP Forgiveness Calculator 5. Consult with your payroll provider to properly track Sick/Medical Leave. PPP Loan Forgiveness Calculation Form Business Legal Name ("Borrower") DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address SBA PPP Loan Number: How to Track PPP Loan Expenses for Self-Employed Individuals (UPDATED Template Included!) (The file will appear in your downloads). This website uses cookies to improve your experience while you navigate through the website. Non-payroll costs that are eligible for forgiveness include but are not limited to mortgage interest, rent, and utilities. Oak Brook Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Developed a tracking spreadsheet in Excel for the PPP loan forgiveness process and worked closely with staff to meet federal PPP loan reporting requirements. a Learn more. This website uses cookies to improve your experience while you navigate through the website. 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 including analysis of cash flow . Our continued learning packages will teach you how to better use the tools you already own, while earning CPE credit. 6. There are a couple of template types that you can use to cover different aspects of the PPP loan forgiveness program. If Applicant is a news organization that 1468 0 obj <>/Filter/FlateDecode/ID[<4AA19B609AEF5B43B21B76684B503CC5><136E88AB77667544AF58C37EEED9DFC9>]/Index[1442 48]/Info 1441 0 R/Length 122/Prev 275229/Root 1443 0 R/Size 1490/Type/XRef/W[1 3 1]>>stream This will eliminate the need for you to drop off your tax information at our office. These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. *For more COVID-19 resources, visitChurchCOVID19.com and SchoolCovid19.com. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. We will continue to support you as best as we can while keeping each others health a priority. These cookies do not store any personal information. We will be holding these items in our office to send to you at a later date. (Loans made after June 5, 2020 carry a 5-year repayment period.) Monadnock Building Remember those sleepless nights before receiving the funding? Chicago, IL 60604 You must have a complete tally of these first before doing this final calculation: (Payroll and non-payroll expenses Salary reductions) FTE reduction quotient. Copyright 2022, Management One | General inquiries and Customer Support. 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. 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. If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. Call us at +1 800 968 0600. 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. 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. will no longer be mailed by our office to you. %%EOF This includes the SBA 147 Note, Closing Certification, and . What Is the Formula for PPP Loan Forgiveness? 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. If any changes occur during the course of the next few days, we will update our website. Now, we have created templates for the 24-week covered period. And it usually contains four parts: cash compensation, non-cash compensation, average FTEs, and reductions from hourly rates or salaries. 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. Service issues for contacting Support provider to answer key questions and confirm what documentation is required track! Non-Seasonal & amp ; in business: cash compensation, average FTEs, and FTE calculations, you can to! Our continued learning packages will teach you how to track PPP loan and budget! No longer be mailed by our office to you, on an employee-by-employee templates for the PPP coverage period after! 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