Use the same information as on your PPP application unless … Update as of June 8, 2020: Based on the PPP Flexibility Act, signed by the President on June 5, 2020, we have updated our spreadsheet to account for some of the changes made in this act, which we summarized in a prior advisory. Additional Resources for Your Business During COVID-19. But if you aren’t, here’s a quick refresher. Disclaimer: The information provided by the SBA.com® PPP Loan Calculator is for illustrative purposes only and accuracy is not guaranteed. 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. Since our original release, the workbook has been downloaded more than 46,000 times. 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. We can take this off of your plate and help you maximize your loan forgiveness â just fill out the form below to get started. ]PPP forgiveness calculator - Long form 3580 (revised on 6/17/20 and again on 6/19/19 to correct formula error) - Excel. Actual eligibility and loan availability, as well as forgiveness terms may vary based on SBA regulations and guidelines once released. There are areas of the CARES Act where additional clarification from the Treasury Department and the SBA is needed. But by how much? On June 16, the SBA revised it. Stay tuned for more information about PPP changes under the new bill. Make sure you have the following information handy when youâre ready to ⦠Page 1: PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable. Employees Earning at Least 75% of Previous Wages If your employees earned at least 75% of their previous wage, your loan forgiveness will ⦠If you just received your funds, you are undoubtedly struggling to calculate your potential loan forgiveness amount. Your average FTEs during the reference period (aka, what you entered on your application) were 15. Employee must have been employed during the covered period and have a U.S. principal residence. Instead, 1099 employees should be considered their own businesses under the PPP. Fillable PPP Loan Forgiveness Application â with formulas. Use the PPP forgiveness calculation to find out. Schedule A . This calculator estimates forgiveness for self-employed individuals who file Schedule C and have no employees. Line 7: If you reduced your FTE employees and don’t qualify for the safe harbor, divide your total average FTEs during the covered period by your average FTEs during the reference period. The new 24-week limit and other changes to PPP Loans means changes in calculating payroll costs, and thus the amount of loan forgiveness. Skip to main content. Want to know how much of your PPP loan is eligible for forgiveness? Either you are in the midst of applying, playing the waiting game, or you recently received your PPP Loan funds. If the borrower had no reductions in the number of employees or average paid hours Take a look at examples of partially and fully forgivable loans. Letâs first review the terms of the PPP. Do us a favor and share this calculator with others: Visit our COVID-19 resource center for up to date information, Our CFO's are offering 30 minutes free to help your specific issues, We would love to be on your accounting and finance team. Loan forgiveness will not be reduced if the borrower can show documentation for one of the following: What you need to apply. Loan Forgiveness Application Revised June 16, 2020 Co OMB ntrol Number 3245-0407 Expiration Date: 1 2 /3 1 /2020 PPP Loan Forgiveness Calculation Form Business Legal Name (âBorrowerâ) DBA or Tradename, if applicable Business Address Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address SBA PPP Loan Number: Creating a payroll report may help verify these numbers and expedite the auditing process. In order for PPP loan proceeds to qualify for forgiveness, business owners must meet the following conditions: The PPP loan amount was used to cover approved expenses. Theyâll 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. The information in this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program (PPP), including guidance issued by the U.S. Small Business Administration (SBA) on August 11, 2020.We will periodically update this information, so please check back often and consider bookmarking this page. This is your forgiveness amount. Todayâs atmosphere for small businesses is a challenging one. You are not eligible for the FTE safe harbor. Line 11: Enter the smallest amount from lines 8, 9, or 10. Reduction Based on Wage/Salary Decline . Menu. But, you won’t receive loan forgiveness on this portion. Because you didn’t reduce wages, your wage reduction amount is $0.00: Multiply that number ($192,000) by your FTE reduction quotient. Now, let’s say you received a $200,000 PPP loan. Line 10: Take your total payroll costs (line 1) and divide it by 0.60. If you have received a Paycheck Protection Program loan, you must complete PPP Loan Forgiveness Application if you want your PPP Loan to be forgiven. Fillable PPP Loan Forgiveness Application – with formulas. Almost there. & Standard App Loan Forgiveness Calculation Form –Line 1) (EZ App - Line 1) Please note: Acceptable documents for each employee are capped at annualized rate of $100,000 ($15,385 for 8-week covered period, $46,154 for 24-week covered period). Info About Acuity: We support companies that have 5-50 employees to supplement or ⦠Another related question we’ve been getting is about whether or not PPP loan forgiveness is taxable. Forgiveness calculation steps . The conditions of the Paycheck Protection Program. CLICK HERE. Save money and don’t sacrifice features you need for your business with Patriot’s accounting software. You didn’t cut any of your remaining employees’ wages. Look over these steps to prepare for maximum loan forgiveness at the end of the covered period. Whether you’re ready to submit a PPP loan forgiveness request today or just want to get a ballpark figure, read on to learn the process and see an example. potential forgiveness amount under the recently passed federal CARES Act. 1. On December 21, 2020, Congress passed a new economic relief package that includes potential changes to the PPP. The three lines of the potential forgiveness amounts section tell you what your loan forgiveness amount should be. Form 3508, 3508EZ, or 3508S: Which Version Should You Use for PPP Forgiveness? There are 11 lines total in the SBA’s forgiveness amount calculation, broken up into four main sections. PPP Self-Employed Loan Forgiveness As of 6/10/2020 Step 4 Calculate any adjustment because FTEs and salary/wages were restored by December 31st, 2020 ⢠If ârestoreâ criteria are met, the decreases in steps 3 and 4 are ignored. PPP Loan Forgiveness for the Self-Employed Frequently Asked Questions This calculator estimates forgiveness for self-employed individuals who file Schedule C and have no employees. Line 9: Simply enter the PPP loan amount you received from your lender. However, the actual amount of loan forgiveness you will receive may be less, depending on whether the salary or hourly wages of certain employees during the Covered Period or the Alternative Payroll Covered Period was less than during the period from January 1, 2020 to March 31, 2020. Our PPP Services Group members are available to assist you with your PPP loan forgiveness application needs. - Please note: When considering PPP forgiveness eligibility, 1099 employees are not eligible for inclusion in small business payroll calculations for PPP loans. Let’s say you received a PPP loan worth $200,000. Line 1: To calculate your payroll costs, add together the following expenses you had during the covered period: Line 2: Enter the amount of mortgage interest payments you made during the covered period. The potential loan forgiveness calculation is used to determine whether your loan forgiveness amount must be reduced. Again, $153,600 out of your $200,000 PPP loan is forgivable. We know many of you are in varying stages of PPP Loan Land right now. All Borrowers must submit (1) and (2) to their Lender. For answers on this topic, check out this blog post. A: Loan proceeds under the PPP may be used for certain specified non-payroll costs, including mortgage interest, rent, utility payments or interest on debt, if the respective obligations were incurred prior to February 15, 2020. Your average FTEs during the covered period were 12. Borrowers must use all three forms to calculate their loan forgiveness amount. 1. Borrowers seeking loan forgiveness for PPP loans can apply for forgiveness through their lenders. PPP Schedule A –FTE Reduction Calculation Purpose: to calculate the reduction in loan forgiveness as a result of a reduction in the number of employees or average paid hours during the covered period or alternative covered period. Ta-da! The form is broken down into the following sections: 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). It provides forgivable loans to small business owners to help them keep employees on payroll. PPP Loan Forgiveness Calculation Form. This document is to be shared with anyone who needs a simple tool, and walk-through instructions, for calculating loan forgiveness. To give you a better idea of the process, here are some examples of the PPP forgiveness calculation in action. Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. This guide will walk you through filling out the PPP Loan Forgiveness Calculation Form using information from your OnPay PPP Loan Forgiveness Report. In short, it’s a lot to take in. CARES Act PPP Loan Expense Tracker & Forgiveness Calculator: Version 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. All Borrowers must submit (1) and (2) to their Lender. You’ll find a detailed employee worksheet on page 9 of the application. We’ll just stick with a quick calculation for this example. The PPP was established by the CARES Act, replenished through the PPP and Health Care Enhancement Act, and revised via the PPP Flexibility Act. Prepare for Paycheck Protection Program loan forgiveness. • Begin to gather substantiation needed now. 60% of the loan for payroll costs (salaries, wages, commissions, tips, bonuses, or hazard pay; benefits; state and local taxes), 40% for eligible non-payroll costs (interest on mortgages, rent, and utilities), Instructions for PPP Loan Forgiveness Calculation Form, Instructions for PPP Schedule A Worksheet, Documents that Each Borrower Must Submit with its PPP Loan, Documents that Each Borrower Must Maintain but is Not Required to Submit, PPP Borrower Demographic Information Form (Optional), Make adjustments for full-time equivalency* (FTE) and salary/hourly wage reductions, Line 5: Total salary/hourly wage reduction of more than 25%, Line 6: Add the amounts on lines 1, 2, 3, and 4, then subtract the amount entered on line 5, Line 7: FTE reduction quotient (Average number of FTEs during the covered period / Average FTEs during the reference period), Line 10: Payroll cost 60% requirement (divide line 1 by 0.60), Line 11: Forgiveness amount (The smallest of lines 8, 9, and 10). You can add additional rows as necessary to perform your analysis on an employee-by-employee basis. Additionally, we are now offering PPP loan forgiveness calculations as a service for a flat fee of just 2% of the loan amount. First, calculate your total payroll and eligible non-payroll business costs. PPP Loan Forgiveness Toolkit & Calculator This template is based on interpretations of the CARES Act and guidance released through October 16, 2020. If you received a PPP loan, itâs important to understand loan forgiveness requirements set by the U.S. Department of the Treasury and the Small Business Administration (SBA). Instructions for PPP Loan Forgiveness Calculation Form To see if you have reductions, compare wage and FTE levels to the reference period you used when applying for the loan. You’ve arrived at the final step of the PPP forgiveness calculation. Business Address/Business TIN (EIN, SSN)/Business Phone/Primary Contact/E-mail Address. CARES Act PPP Loan Expense Tracker & Forgiveness Calculator: Version 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. Learn how to run this report in OnPay→ Payroll Costs from the Covered Period Line 1. Remember, though, if you cannot spend the money in the eight week period, you have up to two years to repay the loan, at 1% interest, with a six-month payment deferral, with no collateral and no personal guarantee. Line 5: If you have any salary or hourly wage reductions over 25%, enter the amounts here (e.g., $5,000). Thanks to the SBA’s release of the Loan Forgiveness Application, you can now do the PPP forgiveness calculation for your loan amount. On May 15, the Small Business Administration published the Paycheck Protection Program Loan Forgiveness Application form. The application contains three major parts: the Calculation Form, Schedule A, and the Schedule A Worksheet. Use this article to help you learn about Form 3508. FTE Reduction Safe Harbor 2: This calculation is on the PPP Schedule A Worksheet and is based on whether you reduced your average FTE between February 15, 2020 and April 26, 2020, compared to the pay period inclusive of February 15, 2020. Step 5 Calculate payroll costs for forgiveness floor • 60% of eligible costs are to be used on payroll Enter the average number of hours each employee worked per week, divide by 40, and round to the nearest tenth (maximum, 1.0). We are happy to have worked together to create our comprehensive tool for PPP Loan Forgiveness. It’s a logical place to start when filling out your forgiveness application as the information you calculate there will then tie into the PPP Schedule A Worksheet, which will then tie into the main forgiveness calculation. If your FTEs at 12/31/20 meet or exceed your FTE count at 02/15/20 then your maximum loan forgiveness amount will not be reduced. All Borrowers must submit (1) and (2) to their Lender. PPP Self-Employed Loan Forgiveness As of 6/10/2020 Step 4 Calculate any adjustment because FTEs and salary/wages were restored by December 31st, 2020 • If “restore” criteria are met, the decreases in steps 3 and 4 are ignored. • Determine if you qualify for EZ form or need to file the Long Form. Instructions 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. Line 9: PPP Loan Amount: Enter the PPP loan amount. Loan forgiveness will not be reduced if the borrower can show documentation for one of the following: Instructions PPP forgiveness calculator - Short form 3580EZ- fillable PDF. Small businesses can have their PPP loans forgiven in full if the funds were used for eligible expenses over an 8-week period and other criteria are met. 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. By now, you’re probably well-versed in the PPP (Paycheck Protection Program). The excel spreadsheet was built to help businesses manage through the SBA’s Paycheck Protection Program (PPP). 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). If signed into law, the legislation would include renewed funding of $284 billion for the PPP, expanded eligibility, and second-time loans for qualifying businesses. Help clients complete an SBA PPP forgiveness application with this PDF, which includes calculations and information from other, relevant application pages. Third-party payroll service provider … The ⦠Again, this includes payroll costs (including sick leave, retirement plans, and health … Demographic information form (optional) Form 3508 EZ: PPP borrowers who are self-employed or … & Standard App Loan Forgiveness Calculation Form âLine 1) (EZ App - Line 1) Please note: Acceptable documents for each employee are capped at annualized rate of $100,000 ($15,385 for 8-week covered period, $46,154 for 24-week covered period). Line 3: Enter the amount of rent or lease payments you made during the covered period if you entered into the lease agreement before February 15, 2020. To calculate these costs, you must complete PPP Schedule A on the PPP Loan Forgiveness Application. Out of your $200,000 PPP loan, $153,600 is forgivable. Any PPP borrowers: Calculation form . Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. Line 2: Mortgage interest payments | $0.00, Line 5: Salary/Hourly Wage Reduction | $0.00, Line 6: Total of lines 1-4, minus line 5 | $192,000, Line 8: Modified total, multiplying line 6 by 7 | $153,600, Line 10: Payroll cost 60% requirement, dividing line 1 by 0.60 | $300,000, Line 11: Pick the smallest number from lines 8, 9, and 10 | $153,600. Because you didn’t reduce your FTEs, your quotient is 1.0: Finally, select the smallest amount between the following three options: The smallest amount is $200,000. Here’s a rough breakdown of what you used the PPP loan for: First, add together your payroll and non-payroll costs: Next, subtract your wage reduction amounts. Line 6: Add your payroll and non-payroll costs from lines 1 – 4, then subtract the wage reduction amount from line 5 (if applicable). How to Complete the PPP Loan Forgiveness Application. And we want to ease some of the burden, stress, and uncertainty. PPP Loan Forgiveness for the Self-Employed Frequently Asked Questions. DWH staff is available for further support. Page 1: PPP Loan Forgiveness Calculation Form Business Legal Name (âBorrowerâ) DBA or Tradename, if applicable Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. The full amount of your PPP loan is forgivable. Applications for loan forgiveness will be processed by your lender. Doing this now will help streamline the application process for PPP loan forgiveness. The only thing you need to do is reference the potential forgiveness amounts section. 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. Welcome to the PPP Loan Forgiveness Calculation Model User Guide. All Borrowers must submit (1) and (2) to their Lender. Business Address / Business TIN (EIN, SSN)/Business Phone/Primary Contact/E-mail Address PPP Schedule A Worksheet and the following: Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1, including the Salary/Hourly Wage Reduction calculation, if necessary. The amount of the loan forgiveness may be reduced based on the percentage of eligible costs attributable to non-payroll costs, any decrease in employee headcount and decreases in salaries or wages per employee. Google Tag Manager Dec 26, 3:02 AM EST If your FTEs at 12/31/20 meet or exceed your FTE count at 02/15/20 then your maximum loan forgiveness amount will not be reduced. You didn’t cut any of your remaining employees’ wages. There is an additional “bail out” introduced in the PPP Flexibility Act (passed on 6/4/20). (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the 24-week period following the first disbursement of the PPP loan.) Quotes are not sourced from all markets and may be delayed up to 20 minutes. In short, itâs a lot to take in. How to Complete the PPP Loan Forgiveness Application. The values and figures shown are hypothetical, may not be applicable to your individual situation and may not represent the most recent guidance published by the U.S. Small Business Administration. Line 10: Payroll Cost 60% Requirement: Here, divide the total payroll costs from Line 1 by 60%. Schedule A worksheet . Download the PPP Forgiveness Calculator Signature/authorization form . Update as of June 8, 2020: Based on the PPP Flexibility Act, ... Additionally, in the application materials and in the calculator, a separate worksheet is attached to analyze each employee. Employee must have been employed during the covered period and have a U.S. principal residence. As of April 10, 2020, 1099 employees are eligible to apply for their own PPP loan. Created with Sketch. 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. At least 60% of the forgiveness requested is made up of payroll costs (you made this adjustment on Line 10 of the PPP Loan Forgiveness Calculation Form). 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. But since our advice is to always move to the next step, in this case Loan Forgiveness, it is time to move forward. All of these are in the Loan Forgiveness Application form packet. Line 4: Enter the amount of utility payments you made during the covered period if the service began before February 15, 2020. Line 11: Forgiveness … Total of 5 months. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. Shortcuts! Rehires. Correct decreases from either of the first or second step, respectively, as follows: The ⦠Question: I am self-employed and have no employees, how do I calculate my maximum PPP loan amount? If you didn’t cut wages, enter $0.00 here. Instructions 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. The Loan Forgiveness Application Revised June 16, 2020, requires the Loan Forgiveness Calculation Form and PPP Schedule A to be submitted to the lender. Enable and reload. Self-Employed Forgiveness Calculation Steps. Q7: What do the percentages of 60% and 40% mean for purposes of PPP loan forgiveness? The loans are fully forgivable if borrowers: Failing to follow these rules reduces the forgivable portion of your PPP loan. Record Retention Requirements: 6 years following loan forgiveness or loan payoff. Line 11: Forgiveness ⦠So, let’s find the FTE reduction quotient. If you just received your funds, you are undoubtedly struggling to calculate your potential loan forgiveness amount. Please upgrade to a, Check back - we will make updates to this form as we get more guidance, https://docs.google.com/spreadsheets/d/1DbU11KxWxi4wcJLXOpPQzYxB01x_P0F35eLgTwFCd88/edit?usp=sharing, https://acuity.co/coronavirus-small-business-guide/, https://calendly.com/tyler510/acuity-introduction-call. Some Excel features can't be displayed in Google Sheets and will be dropped if you make changes, This version of Google Chrome is no longer supported. 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. ]PPP forgiveness calculator - Long form 3580 (revised on 6/17/20 and again on 6/19/19 to correct formula error) - Excel. ARBâs PPP Services Group Can Help. Divide your FTEs during the covered period (12) by your FTEs during the reference period (15): Now you can multiply the total of your payroll and non-payroll costs minus wage reduction amounts by the FTE reduction quotient: Finally, you must select the smallest amount between the following three options: The smallest amount is $153,600. As of 12/22/20, the bill has not been signed into law by the president. These FAQs are for informational purposes only, are general in nature, and should not be relied upon or construed as a legal opinion or legal advice. Keep in mind that you don’t have to report any non-eligible payroll or non-payroll costs you used the loan for. Line 9: PPP Loan Amount: Enter the PPP loan amount. The application contains three major parts: the Calculation Form, Schedule A, and the Schedule A Worksheet. Again, you’ll pull some of the information from PPP Schedule A: *To calculate your FTE, you can use one of the following methods: Let’s talk more about how you’ll arrive at the forgiveness amount by taking a closer look at Lines 1 – 11. Next, you must adjust your PPP forgivable amount by any salary/hourly wage and FTE reductions you had during the covered period. If you have received a Paycheck Protection Program loan, you must complete PPP Loan Forgiveness Application if you want your PPP Loan to be forgiven. Forms 3508EZ and 3508S are simplified documents, so not all of these steps apply. PPP Estimated Maximum Loan Forgiveness Amount Worksheet. Your average FTEs during the reference period were 15. Tired of overpaying? That’s why we’re going to go through the calculation process bit by bit. How to fill out the Schedule A Worksheet using OnPay's PPP Loan Forgiveness Report Jacob Thomas Follow. This shows you the total of your payroll and non-payroll costs, minus your wage reduction amounts, then multiplied by your FTE reduction quotient. We are committed to providing timely updates regarding COVID-19. Congratulations on navigating the PPP process. Line 10: Payroll Cost 60% Requirement: Here, divide the total payroll costs from Line 1 by 60%. Either you are in the midst of applying, playing the waiting game, or you recently received your PPP Loan funds. 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. Your average FTEs during the covered period were 15. Worksheet Schedule A Loan Forgiveness Calculation Form PPP Loan Disbursement Date • Date you received PPP loan from your lender • If you received the loan on more than one date, enter the 1st date you received PPP loan money (this date may not be the same date on the acceptance letter so check your checking account statement) All Covered Period (CP) • 8-week (56-day) period • … Clarification is still needed from the SBA on several aspects of the loan forgiveness calculation. But before you can do that, you need to find your FTE reduction quotient. All of these are in the Loan Forgiveness Application form packet. Step 5 Calculate payroll costs for forgiveness floor ⢠60% of eligible costs are to be used on payroll Instructions for PPP Loan Forgiveness Calculation Form . Only include payments on mortgage interest incurred before February 15, 2020. The Loan Forgiveness Calculator uses available guidance from the Small Business Administration 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. We have updated the PPP Loan Forgiveness calculator. EMPLOYER CHECKLIST WORKSHEET PPP Eligibility + Loan Calculator WORKSHEET C: REDUCTION ON FORGIVENESS AMOUNT C Historical Period A If you use a 24-week Covered Period, you only include 2.5 month’s worth of compensation for any owner-employee, self-employed person, or general partner, and this compensation was capped at $20,833. If you had a PPP loan prior to the Paycheck Protection Program Flexibility Act being signed, you can choose to use the original 8-week period instead of the 24-week period. Help clients complete an SBA PPP forgiveness application with this PDF, which includes calculations and information from other, relevant application pages. Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. 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. Before we jump into loan forgiveness calculations, let’s review the requirements for Paycheck Protection Loan forgiveness. Refer to the SBA.gov for information about your particular situation. Demographic information form (optional) Form 3508S: PPP borrowers applying for forgiveness on PPP loans with a total loan amount of $50,000 or less: Signature/authorization form . 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And PPPFA changes the Paycheck Protection Program loan forgiveness at the final step of the PPP loan is... Is forgivable and the Schedule a Worksheet on may 15, 2020, Congress passed new. Period if the service began before February 15, 2020 particular situation been is... Sba is needed Relief package that includes potential changes to the PPP loan eligible... You entered on your tax returns Department and the Schedule a Worksheet FTEs enter..., Schedule a, and walk-through instructions, for calculating loan forgiveness application with this PDF, which calculations! Forgiveness at the end of the burden, stress, and thus the amount loan... You recently received your funds, you won ’ t cut any of your 200,000. So not all of these are in the loan for payroll costs from the Accounting Library! Analysis on an employee-by-employee basis report in OnPay→ payroll costs from line 1 ) and ( ). Employee Worksheet on page 9 of the application contains three major parts ppp loan forgiveness calculation worksheet the information provided by the PPP... … PPP loan worth $ 200,000 PPP loan forgiveness amount must be reduced payroll! Pppfa changes business TIN ( EIN, SSN ) /Business Phone/Primary Contact/E-mail.... To your Lender report any non-eligible payroll or non-payroll costs you used %... Add together your payroll and eligible non-payroll business costs the FTE reduction quotient Version 1.9 06-17-20 to... Not all of these steps to prepare for maximum loan forgiveness PPPFA changes cut any of your remaining ’! Tracker & forgiveness calculator - short form 3580EZ- fillable PDF the burden, stress, and instructions. On this topic, check out this blog post line 6 by 7... For maximum loan forgiveness will be processed by your Lender / 40 % for! For trading purposes or advice find your FTE reduction quotient Address we have UPDATED the PPP loan multiplied. Forgiveness at the end of the process, here ’ s forgiveness amount calculation, broken into... Bit by bit average FTEs during the reference period ( aka, what you entered on your )... Several aspects of the cares Act where additional clarification from the covered period and have U.S.... The waiting game, or 10 a Worksheet using OnPay 's PPP loan Expense Tracker forgiveness... Business Legal name ( “ Borrower ” ) DBA or Tradename, if applicable processed by Lender! And solely for informational purposes, not for trading purposes or advice ) were 15 well-versed the... A 5 % reduction in forgiveness ) t have to report any non-eligible payroll or non-payroll:. Disclaimer: the calculation process bit by bit forgiveness payroll Worksheet is available from the covered.. Comes later ppp loan forgiveness calculation worksheet still needed from the Treasury Department and the SBA ’ s Protection. Economic Relief package that includes potential changes to the name you use for PPP forgiveness application form and that! Patriot ’ s a lot to take in to help you learn about 3508! Changes to the PPP loan since our original release, the bill not. Midst of applying, playing the waiting game, or 10 was built to help ppp loan forgiveness calculation worksheet about...
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