You reduced FTE employee levels in the period beginning February 15, 2020, and ending April 26, 2020; and. Loan Forgiveness Application Form 3508 Revised January 19, 2021 . About FTE Reduction Safe Harbor #1 and #2. Don't worry, we’ll cover where to find these totals. Download your free PPP Loan Forgiveness Spreadsheet for forgiveness amount calculation, PPP schedule and worksheet, and more to help you apply. Applicants must apply through the same lender of their first PPP loan and are not eligible if they have already been granted loan forgiveness or have been approved for a second draw PPP loan. All employers should evaluate if their company meets the safe harbor exemption requirements prior to completing their loan forgiveness application. If your employer contributions are not set up in OnPay, you will need to get this information from your insurance policy provider. We'll cover Line 3 when we get to Wage Reduction Calculation. Loan Forgiveness Application Form 3508 Revised January 19, 2021 . You will need to calculate the amount paid to everyone in this category and enter the total here. It’ll come in handy later. Page 3: Schedule A. Self-employed individuals without payroll can skip lines 1 through 8. Schedule A worksheet instructions (pp 7-8) 4. The information from the Schedule A is used to fill out the PPP Loan Forgiveness Calculation Form on page 1 of, For lines 2 and 3, you’ll need the Average FTE (Box 2) and the Salary/Hourly Wage Reduction (Box 3) from PPP Schedule A Worksheet, Table 1. So taxpayers and their advisors are still in the dark about exactly what qualifies. In order to apply for loan forgiveness for the PPP program, you are required to complete the U.S. Small Business Administration Form 3508. Format: PDF or Excel only. PPP Schedule A Worksheet Table 1: List employees who: • Were employed by the Borrower at any point during the Covered Period whose principal place of residence is in the United States; and Learn more about PPP loan forgiveness → Important note about this report. If the result is less than 1.0, enter it on Line 13. Select the subtotal (in red) for employees over 100K from either Column L or M, based on the FTE calculation method with the highest ratio on the FTE comparison chart, as determined in the previous step. Schedule A worksheet (p 9) 1. If your employees earned at least 75% of their previous wage, your loan forgiveness will not be reduced and Column S will be blank. Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020. Schedule A Worksheet boxes appear on the right side of the page to download detailed Instructions for the form and an excel spreadsheet to help with your calculations. The report will recommend an option based on the lookback period and calculation method with the highest number in the right column. • Post & Schell, PC’s Loan Forgiveness Tool is comprised of eight excel tabs: Forgiveness PPP Schedule A PPP Worksheet Table 1 PPP Worksheet Table 2 PPP Salary Reduction Step 1 PPP Salary Reduction Step 2 PPP Salary Reduction Step 3 Employee Worksheet • Highlighted cells on worksheets are to be completed by you. After submitting your application, you will upload the completed excel file to Watch later. Schedule A instructions (p 5) 3. Salary/hourly wage reduction - this videoThis video will help you easily and efficiently calculate if your employees meet the safe harbor, and if not, how much you must reduce your forgiveness on the PPP Loan Forgiveness Application.Be sure to watch the video all the way through for important instructions on how to use the template.You can download the template here - https://tinyurl.com/ybhaxmlf To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). 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. One of the key provisions of the PPP is the opportunity to have up to the entire loan amount forgiven. It’ll come in handy later, Covered period, lookback period, and FTE comparison, Select the subtotal (in red) for employees, from either Column L or M, based on the FTE calculation method with the highest ratio on the FTE comparison chart, as determined in the previous step. Use the subtotal from column D of employees who earned $100K or more in 2019, Use the grand total of employer contributions for employee health insurance from column F. Note: If your employer contributions are not set up in OnPay, you will need to get this information from your insurance policy provider. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Review the FTE comparison chart towards the bottom of the report. Borrowers must use all three forms to calculate their loan forgiveness amount. If your company did not reduce wages, check the box and enter “0” on Line 3. Our Interpretations of 4 Key Areas of PPP Forgiveness Updated 2/9 Nonprofit Quarterly interview on the state of PPP in the nonprofit sector. Application instructions (pp 1 & 2) 2. May 20, 2020 By: John Fuchs, Bailie Schnackenberg, and Char Heins On Friday May 15, 2020 the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application (the Application). Do not enter a number greater than 1.0 on Line 13. PPP Forgiveness Application and Attestation (pp 3 & 4) 1. Learn how to run this report in OnPay→, Use the subtotal from column D of employees who earned less than $100K in 2019. from either Column L or M, based on the FTE calculation method with the highest ratio on the FTE comparison chart, as determined in the previous step. The Application, Schedule A and Worksheet to Schedule A do a decent job distilling the PPP program into a logical format for requesting loan forgiveness – and answering SOME (but, unfortunately, not ALL) of the questions that have been open to interpretation. Line 1. Share. Instructions for PPP Schedule A . For example, with a 40-hour workweek, employees who work 10 hours will be 0.25 FTEs, 20 hours will be 0.5 FTEs, and 40 hours will be 1.0 FTEs. For lines 2 and 3, you’ll need the Average FTE (Box 2) and the Salary/Hourly Wage Reduction (Box 3) from PPP Schedule A Worksheet, Table 1. PPP Schedule A Worksheet: To fill out the PPP Forgiveness Calculation Form, begin by filling out the Schedule A Worksheet. Tip:  Make note of the highest number’s color and "Option" number. All employers should evaluate if their company meets the safe harbor exemption requirements prior to completing their loan forgiveness application. Check the applicable box on the PPP Schedule A, Enter 1.0 on line 13 of the PPP Schedule A, Enter 1.0 on line 7 of the PPP Loan Forgiveness Calculation Form. Similarly, for line 5 and lines 11-13, it's easier to skip these for now. If column S is not blank, enter the subtotal of employees under 100K (in green) on Line 3 of the PPP Schedule A. Specifically, as the Borrower, you are exempt from the reduction in loan forgiveness based on FTE employees described above if both of the following conditions are met: Note: The OnPay Loan Forgiveness Report report does not account for the Safe Harbor exemptions. Enter the amount from line 3 of PPP Schedule A on line 5 of the Loan Forgiveness Application Form. Forgiveness Application Simulator & Estimator BETA (Excel) Updated 4/28. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. The information from the Schedule A is used to fill out the PPP Loan Forgiveness Calculation Form on page 1 of SBA Form 3508. The second page the borrower certifies various statements and signs the application at the bottom. When you run the report, plug in the date range for your coverage period or alternative coverage period. We have prepared this guide to help you navigate the calculation model Excel workbook so you can confidently enter your spend data that determines the accurate forgiveness amount for your PPP loan. Add lines 1, 4, 6, 7, 8, 9 together to calculate your Payroll Costs. Guide to the PPP Loan Necessity Questionnaire (pdf) Updated 11/19/20. To get started on your PPP loan forgiveness application we suggest starting with the. Pages 1-2: These two pages include a summary of the application, breaking it into 4 components: The PPP Loan Forgiveness Calculation Form; PPP Schedule A; The PPP Schedule A Worksheet The (optional) PPP Borrower Demographic Information Form Paycheck Protection Program (PPP) EZ Loan … Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. The final number you have on Line 13 from the PPP Schedule A should then be entered on Line 7 of the PPP Loan Forgiveness Calculation Form (Page 1). PPP Schedule … If the result is 1.0 or higher, enter 1.0. Here the borrower puts the basic details of the loan with total amounts for eligible expenses carried forward from the schedules behind. The total should match the grand total from Column L or M. Divide Line 12 by Line 11. 1. Click here to download the official U.S. Small Business Administration Form 3508 PPP Forgiveness Application. Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020 PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals . All of these are in the Loan Forgiveness Application form packet. The Application and instructions are available directly from the SBA here. Applying for PPP Loan Forgiveness •Forgiveness Forms -11 pages •Breaks into five pieces; 1 and 2 must be submitted to Lender: 1. Schedule A instructions (p 5) 3. PPP Schedule A Worksheet, Table 1 Totals Line 1. Applying the Employee Retention Credit to 2020 wages, How to see my deferred social security taxes — CARES Act, How to run a PPP Loan Forgiveness Report in OnPay, How to fill out the Schedule A Worksheet using OnPay's PPP Loan Forgiveness Report, Manage the CARES Act Employee Retention Credit in OnPay (COVID-19), View and manage tax credits for FFCRA paid leave in OnPay (COVID-19), How to pay workers for FFCRA Emergency Sick & Family Leave (COVID-19), Run a report in OnPay when applying for a Paycheck Protection Program loan (COVID-19), Covered Period, lookback period and FTE comparison, How to change a worker's employment status in OnPay. Info. Use the grand total of employer contributions for employee retirement plans from column G. Note: If your employer contributions are not set up in OnPay, you will need to get this information from your retirement plan provider. Guidance on Estimating FTEs (pdf) Updated 2/1 Some of the guidance related to forgiveness is still unclear at this time. Applying for PPP Loan Forgiveness •Forgiveness Forms -11 pages •Separates into five pieces; 1 and 2 must be submitted to Lender: 1. This report runs based on data in OnPay. The Application provides line by line instructions that walk Applicants through the […] Note: this worksheet does not provide any more official guidance or definitions on what is forgivable. Use the grand total of employer state and local taxes from column E. OnPay does not track any owner-employee or owner compensation separately from regular W-2 employee data. The four parts of the application are: (1) the Loan Forgiveness Calculation Form, (2) PPP Schedule A, (3) the Schedule A Worksheet and (4) the optional Borrower Demographic Information Form. Copy link. If your employer contributions are not set up in OnPay, you will need to get this information from your retirement plan provider. Don't worry, we’ll cover where to find these totals later in this article. PPP Forgiveness Application and Attestation (pp 3 & 4) 1. Table 1 The numbers from the covered period, lookback period, and FTE comparison chart should be used for PPP Schedule A, Lines 2, 5, 11, 12, and 13 (covered below). We'll cover Line 3 when we get to. This guide will walk you through filling out the PPP Loan Forgiveness Calculation Form using information from your OnPay PPP Loan Forgiveness Report. Please note that as COVID-19 legislation is changed or extended, always refer to IRS guidance for the most up-to-date information. On May 15, 2020 the SBA released a worksheet for calculating PPP loan forgiveness. 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 ----- Make note of the highest number’s color and "Option" number. If you did not run payroll with OnPay in 2019, we may not be able to run calculations for both lookback periods. However, if employee salary and wages are reduced by more than 25%, then your loan forgiveness will also be reduced. Tracking your PPP loan expenses - video and template can be found here - https://youtu.be/H3mijT387482. So, until then you have a nifty excel worksheet that you can... Read More → Employees Earning at Least 75% of Previous Wages. Use either the total number from Column U or X... ...or Column V or Y based on the FTE calculation method & lookback period you chose from the FTE comparison chart. , we may not be able to run calculations for both lookback periods. If this is the case for you, we recommend consulting an accountant or financial advisor when applying for loan forgiveness. You then restored its FTE employee levels by not later than December 31, 2020, to the FTE employee levels in the pay period that included February 15, 2020. PPP Loan Forgiveness User Guide. The easiest way to fill out the Schedule A is to break it up into three sections, which we’ll cover. Schedule A (p 6) 1. The amount of loan forgiveness the Borrower applies for may be subject to reductions as explained in PPP Schedule A. PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals Amounts Line 1. Lines 1 through 5: Enter the amounts from PPP Schedule A Worksheet Tables as directed. Add Lines 2 & 5. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. The potential loan forgiveness calculation is used to determine whether your loan forgiveness amount must be reduced. Use of this template is optional. 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. Alternatively, you may manually complete the SA’s Schedule A Worksheet or provide a comparable report from your PA or third party payroll provider. PPP Schedule A . The easiest way to fill out the Schedule A is to break it up into three sections, which we’ll cover. Schedule A worksheet instructions (pp 7-8) 4. 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. Tap to unmute. However, if employee salary and wages are reduced by more than 25%, then your loan forgiveness will also be reduced. (Page 3 of SBA Form 3508). The Full-Time Equivalent, or FTE, represents an employee's scheduled hours divided by the employer's hours for a full-time workweek. This report runs based on data in OnPay. 2. … The total should match the number you selected from the FTE Comparison chart. https://future.aicpa.org/.../ppp-loan-forgiveness-calculator-excel The easiest way to fill out the Schedule A is to break it up into three sections, which we’ll cover. The FTE/Wage reduction Safe Harbor exempts certain borrowers from the loan forgiveness reduction based on FTE employee levels. Boyer & Ritter is pleased to have provided a free comprehensive tool, designed through a collaboration with Albin, Randall & Bennett CPAs, and downloaded more than 100,000 times by business leaders across the nation for critical loan forgiveness planning during the first round of PPP … If this is the case for you, we recommend consulting an accountant or financial advisor when applying for loan forgiveness. PPP LOAN FORGIVENESS CALCULATION MODEL INTRODUCTION Welcome to the PPP Loan Forgiveness Calculation Model User Guide. account for the safe harbor exemptions. Shopping. All employers should evaluate if their company meets the safe harbor exemption requirements prior to completing their loan forgiveness application. Loan forgiveness workbook. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Nothing in this article and/or information is intended or should be construed, as legal, tax or investment advice, or a legal opinion. Line 1. Schedule A worksheet (p 9) 1. Application instructions (pp 1 & 2) 2. Calculating FTE's - video and template can be found here - https://youtu.be/xu1FPVcQrxA3. o The PDF version is a new option to produce portions of the report in PDF format to use for supporting ... Owner/employee compensation is not be included in PPP Schedule A Worksheet, Table 1 or 2. If column S is not blank, enter the subtotal of employees under 100K (in green) on Line 3 of the PPP Schedule A. Similarly, for line 5 and lines 11-13, it's easier to skip these for now. If your company meets the requirements of either the FTE Reduction Safe Harbor #1, or the FTE Reduction Safe Harbor #2, you can: The OnPay Loan Forgiveness report does not account for the safe harbor exemptions. In short, it’s a lot to take in. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Introducing the Excel Spreadsheet for PPP Loan Forgiveness - YouTube. https://tinyurl.com/ybhaxmlf - In this PPP loan forgiveness how to calculate wage reduction video, I walk through (using the template downloaded here - https://tinyurl.com/ybhaxmlf) how to calculate the salary/hourly wage reduction for employees as part of the PPP Loan Forgiveness Application.There are basically 3 parts to the PPP Loan Forgiveness Application:1. Select the subtotal (in red) for employees under 100K from either Column L or M, based on the FTE calculation method with the highest ratio on the FTE comparison chart, as determined in the previous step. Learn more about how OnPay calculates wage reduction. Many of our small businesses in Northwest Iowa have received a Paycheck Protection Program (PPP) loan. When it comes to PPP forgiveness calculation, you need the PPP Schedule A Worksheet, PPP Schedule A, and PPP Loan Forgiveness Calculation Form (in that order). Choose the Schedule A tables that match the forgiveness period you have selected, either 8-week or 24-week. Once you’ve calculated your Payroll Costs (line 10), enter the total on Line 1 of the PPP Loan Forgiveness Calculation Form (Page 1 of SBA Form 3508). Employee Salary and Wages Reduced by More than 25%. To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). Schedule A (p 6) 1. First draw PPP Loan modification (increase) applicants: New as of December 2020 is the ability to apply for an increase to your first draw PPP Loan in certain circumstances. PPP Loan Forgiveness Calculation Form. PPP Loan Forgiveness Payroll Worksheet The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. PPP Loan Uses & Forgiveness: A Guide to Track Expenditures. PPP Loan Forgiveness - How to Calculate Wage Reduction (Template Included) - YouTube. 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