1. 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. // QuickBooks Guidance for tracking PPP expenses Paycheck Protection Program Overview. It can help you track grant-related revenue and expenses so that you fulfill your mission and maintain excellent relationships with donors, stakeholders, and others who are important to you. Table 2 includes: Employees whose annualized 2019 compensation was more than $100k, Non-cash compensation (Line 6, 7, and 8 of PPP Schedule A), Employer contributions to retirement plans, State and local taxes assessed on employee compensation, Lastly, Compensation to Owners (Line 9 of PPP Schedule A), The next inputs you need are going to be those which will adjust your forgiveness amounts based. cs.src = src; Now you just need to focus on tax planning since your net profit is going to be directly impacted on an 1:1 basis by every forgiven dollar of PPP funds! We recommend that you own your data for this application rather than relying solely on the template reports. Step 4: Identify non-cash compensation and non-payroll expenses, Step 5: Bring it all Together to Document your Forgiveness Amount, Now that you generated a lot of the data, hold on to your bootstraps. Save the result. The rules may change slightly, but we do not anticipate material changes. PPP Schedule and Worksheet. Those two are the basis for your forgiveness. The Application and instructions are available directly from the SBA here. Now you just need to focus on tax planning since your net profit is going to be directly impacted on an 1:1 basis by every forgiven dollar of PPP funds! on wage and FTE reductions (which we discussed in Steps 2 and 3, above). Although this is not a very simple process, GrowthLab Financial Services, Inc. has been at the forefront of giving small businesses the strategic guidance and informational needs to apply for the PPP Loan, receive the PPP funds, and, now, applying for the forgiveness of the PPP Loan. PPP - Loan Forgiveness Overview Revised May 29, 2020; PPP - FTE Employee Worksheet spreadsheet Revised May 27, 2020; PPP - Cost Tracking spreadsheet Revised May 21, 2020; PPP - Salary Forgiveness spreadsheet Revised May 21, 2020; For help with your specific situation, please reach out to our RINA CARES team at [email protected]. Calculating your Forgiveness Amount Form 3508S for PPP Loans Under $50,000 - Excel spreadsheet. If you need to use the full SBA Form 3508 and have not built the PPP Schedule A and the corresponding Worksheet, you MUST go back and start over. Calculating your Forgiveness Amount Form 3508S for PPP Loans Under $50,000 - Excel spreadsheet ... Download Template. of the Paycheck Protection Program Loan Forgiveness Application. We recommend gathering pay by week, by employee for your Covered Period and entering into our calculator (use the Wage Schedule & Calc sheet) which is available for free at www.growthlabfinancial.com/loan-forgiveness. This package allows you to download our FREE Excel DIY PPP Loan forgiveness calculator and give it a shot... DIY style! 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. At the start of all of this, we even have a dedicated website at www.growthlabfinancial.com/loan-forgiveness with current & relevant tools for small businesses to navigate the PPP process. However, the PPP Flex Act provided a Safe Harbor calculation — a way for you to increase wages and/or FTEs back to the Reference Period levels within certain time frames without getting “dinged” on your forgiveness amount. You may also do an estimate on the excel sheet provided here. The next task for those who submitted loan applications for the Paycheck Protection Program (PPP) will be to determine how much of the loan will be forgiven. The Application provides line by line instructions that walk Applicants through the […] The Safe Harbor calculation provides a secondary path to increasing your PPP Loan forgiveness potential. If you cut pay by more than 25% or reduced your FTEs compared to the Reference Periods, you may have a reduction in your PPP Loan forgiveness. If your organization depends on grants, grant accounting should be on your radar. PPP Loan Forgiveness. A Revised PPP Loan Application Form 3508S (Revised 1/19/2021) - This forgiveness application should be used for both First and Second Draw Loan forgiveness applications where a Form 3508S can be used (loans of $150,000 or less). PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel. This is calculated by subtracting its 2020 gross receipts from its 2019 gross receipts. Excel Spreadsheet Template for tracking PPP expenses 2. It may be easiest to begin by looking for a payroll report template online or within Excel. If you would like our help with the PPP loan forgiveness process, please … It’s been an intense couple of weeks. For the FTE Reference Period, use whichever yields the lower FTE count. Step-by-step guide to maximizing PPP loan forgiveness for self-employed and other Schedule C filers. This eliminates most of the challenges of the program and allows employees to be rehired when the practice is ready. Also Included within this document is . The Safe Harbor for wages and FTEs is done separately and both will require more information for numerous time periods. ADP, Paychex, and Gusto each have such reports. ADP, Paychex, and Gusto each have such reports. Step 3: Leverage the Safe Harbor Calculation, if Needed. Save the result. Step 5: Fill out the PPP Borrower Demographic Information Form. Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. Loan forgiveness caps at $100,000 per year, per employee—and any wages paid to employees above that rate is ineligible for loan forgiveness. points regarding forgiveness is still being issued and some of this information may change. How do I complete the SBA Paycheck Protection Program (“PPP”) Loan Forgiveness Application? //]]>. You have the option to fill out a form identifying your business ownership demographics by veteran status, gender, race or ethnicity. Cash Compensation from Box 4 of PPP Schedule A Worksheet, Table 2. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA. Post & Schell, P.C. Payroll period including Dec 31, 2020 (or earlier, if FTEs return to Reference Period levels prior to Dec 31, 2020). // Those two are the basis for your forgiveness. GrowthLab is a premiere Finance-as-a-Service company, that serves Founders and Management Teams with. Also, non-payroll expenses can be included, but cannot be more than 40% of the forgiveness amount. Second, Line 7 of the Forgiveness Amount Calculation comes from PPP Schedule A, Line 13, which, Forgiveness Amount modified by your wage and FTE reductions, PPP Loan Amount (obviously, can’t be higher than what you received!). ce(ss); Rev Proc. 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