Download the PPP Forgiveness Calculator Below that, there is a loan payment schedule, showing each payment date and payment details. *Unabridged Software does not provide financial or legal advice. will no longer be mailed by our office to you. Borrowers seeking loan forgiveness for PPP loans can apply for forgiveness through their lenders. We are speculating the most plausible modifications to the forgiveness program will be: * Allowing forgivable non-payroll expenses above 25%. The PPP Loan Forgiveness 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. Salary/wage reduction. They’ll need to verify the number of employees on the payroll and their pay rates during the loan forgiveness covered period after their loan was disbursed. Major Topics. It’s best practice to complete these worksheets regardless of your funding to be ready in the event you are asked. CONTACT US. Additionally, we are now offering PPP loan forgiveness calculations as a service for a flat fee of just 2% of the loan amount. Please provide your name and email below to download the DWH PPP Loan Forgiveness Calculator. It’s 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. Forgiveness calculation steps . Clinic Recording: Managing your PPP Loan and Forgiveness (Zoom Recording) Updated Monday 6/29 9:15 am ET Forgiveness Application Simulator & Estimator BETA (Excel) Updated Monday 8/17 3 pm ET Note: This estimator is a work in progress. ... download detailed Instructions for the form and an excel spreadsheet to help with your calculations. For entities with loan funds in excess of $2,000,000, it may be necessary to substantiate this documentation with projections and financial amounts in the event of an audit. Please contact Cray Kaiser for most recent information. Member of Russell Bedford International, a global network of independent professional service firms. PPP Loan Amount = $200,000; Payroll Cost 60% Requirement = $300,000 ($180,000 / 0.60) The smallest amount is $153,600. 53 West Jackson Street, Suite 828 Created with Sketch. 0. You are solely responsible for reviewing the Calculator and the underlying assumptions and making any required changes in the Calculator. See how the 75% test and the reduction of employees limitation actually work as numbers are put on the spreadsheet … This course will address the changes to the PPP Loan Forgiveness Application as a result of the PPP Flexibility Act. So, if you have a full-time employee who makes an annual salary of $150,000, only $100,000 of that total salary is eligible for PPP loan forgiveness. PPP Loan Forgiveness Supporting Calculation & Documentation. Borrowers can elect a 24-week coverage period instead of 8-week. ]PPP forgiveness calculator – Long form 3580 (revised on 6/17/20 and again on 6/19/19 to correct formula error) – Excel. 0. Oak Brook To aid you in this process, we’ve prepared a few Excel workbooks which you can download by clicking the link below. 2) Lack of supply – Many businesses will have difficulty rehiring due to robust unemployment compensation that in many cases is more than their pre-coronavirus wages. Portion of forgiveness associated with payroll lowered to 60% from 75%. Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. Note: We are not part of or affiliated with the Small Business Administration or U.S. Government. Help clients complete an SBA PPP forgiveness application with this PDF, which includes calculations and information from other, relevant application pages. On June 5, 2020 the Paycheck Protection Program Flexibility Act of 2020 was signed into law that will, among other things, extend the time period allowed for businesses to spend PPP loan proceeds and ease restrictions on eligible forgivable expenses. DOWNLOAD THE PPP LOAN FORGIVENESS TEMPLATES Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. American Institute of CPAs Creates Forgiveness Calculator for PPP Loans. Overview. Creation of 3508EZ form (previously there was just one form), Applied for PPP loan as self-employed, independent contractor, or sole proprietor with no employees, No more than 25% reduction in salary or wages for any employee, with no reduction in number of hours of their employees (Laid-off employees who refused an offer to return are considered exempt), No more than 25% reduction in salary or wages during the covered period and experienced reductions in business activity as a result of COVID-19 health directives. * Modifying start date of forgiveness period. Those are the reasons why you needed these funds! Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. Copyright 2021. Creating a payroll report may help verify these numbers and expedite the auditing process. We last shared some best practices and next steps once you receive your PPP funds. SBA PPP Loan Forgiveness Calculator. The attached template should help – it is intended as a planning tool. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. All staff are equipped with the appropriate technology and resources to continue to securely and confidentially serve you from home. CALCULATING, PLANNING AND DOCUMENTING LOAN FORGIVENESS UNDER THE PPP ... open a separate deposit account solely for the PPP funds and draw on it as needed and as accounted for in the workbook calculation template above.
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