0. Help clients complete an SBA PPP forgiveness application with this PDF, which includes calculations and information from other, relevant application pages. Guidance is sparse and we expect the administration and SBA to fill in the gaps over the next several weeks. Providing 12 to 16 weeks is the most plausible adjustment, which would dramatically reduce the stress level for many small business entrepreneurs with PPP loans. June 26, 2020 A business, at its election, has either eight weeks or twenty-four weeks to spend the total PPP loan proceeds on payroll costs, mortgage interest, rent, and utilities and only those costs which are well documented will be eligible for forgiveness. PPP Loan Forgiveness Calculator – SBA Lending. The row with the latest payment is highlighted, so it's easy to see where you are in the schedule. Just enter the loan amount, interest rate, loan duration, and start date into the Excel loan calculator, and it will calculate each monthly principal and interest cost through the final payment. The SBA recently released the PPP loan forgiveness application.. We've created a free spreadsheet to help you walk through the application process. 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. CLICK HERE. We will continue to support you as best as we can while keeping each other’s health a priority. CLICK HERE to download the Paycheck Protection Program Forgiveness Template (excel). See how the 75% test and the reduction of employees limitation actually work as numbers are put on the spreadsheet … The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. The attached template should help – it is intended as a planning tool. 1901 S. Meyers Road, Suite 230 This category only includes cookies that ensures basic functionalities and security features of the website. American Institute of CPAs Creates Forgiveness Calculator for PPP Loans. These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. Borrowers with a choice of covered periods should chose the one that gives them either full or more loan forgiveness; or easier forgiveness documentation. Stay tuned in the weeks and months ahead to see if there are legislative or executive action taken to modify the loan forgiveness calculations. ]PPP forgiveness calculator – Long form 3580 (revised on 6/17/20 and again on 6/19/19 to correct formula error) – Excel. Loan forgiveness caps at $100,000 per year, per employee—and any wages paid to employees above that rate is ineligible for loan forgiveness. 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. PPP Loan Forgiveness Calculation Form Coronavirus (COVID-19): Relief options and Additional Resources. ACCESS THE SIMULATOR. 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. NEWS. In this Excel loan payment schedule template, enter your loan information at the top of the worksheet, in the green cells. Oakbrook Terrace, IL 60181 2) Start logging your actual expenditures - regardless of how the forgiveness is calculated it … 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 anticipate more guidance in the upcoming weeks and will keep you informed on our blog as we know more. Some of you may already be two to three weeks into your eight-week covered period, so acting fast to do the math will get you better positioned once the loan forgiveness process is in place. PPP Loan Forgiveness Calculation Form. *Unabridged Software does not provide financial or legal advice. 2. Enroll to be notified when SbaLenders.com has an online PPP enrollment option available. All staff are equipped with the appropriate technology and resources to continue to securely and confidentially serve you from home. Phone: (630) 953-4900 We will be holding these items in our office to send to you at a later date. These cookies do not store any personal information. We recommend all borrowers consult with their bank, legal, financial, and business advisors regarding interpretation and implementation of the loan forgiveness … 0. Fax: (630) 953-4905. The SBA did account for this scenario in the forgiveness application and is making exceptions in cases where employers attempt to rehire but the employees decline. • 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. Those are the reasons why you needed these funds! Use this calculator to accumulate and determine FTEs as defined for the PPP loan forgiveness process. SBA PPP Loan Forgiveness Calculator. As things continue to evolve in light of the COVID-19 pandemic, we at CK are taking additional precautions for the benefit of our team members and our clients. We aren’t part of the SBA and clearly aren’t PPP experts, but we hope you will find our calculator educational and informative. After submitting your application, you will upload the completed excel file to ... Next is the Calculator screen where the client can see their estimated forgiveness PPP LOAN FORGIVENESS APPLICATION AND THE ONGOING QUEST FOR CLARITY May 18, 2020. PPP forgiveness calculator – Short form 3580EZ – fillable PDF. Forgiveness calculation steps . We have updated the PPP Loan Forgiveness calculator. The PPP Forgiveness Application Calculator ("Calculator") has been developed by GrowthLab Financial Services, Inc. ("GrowthLab"). Instead, please drop off any packages outside the office door of our suite in the box provided. Monadnock Building . These cookies will be stored in your browser only with your consent. The excel spreadsheet was built to help businesses manage through the SBA’s Paycheck Protection Program (PPP). But opting out of some of these cookies may affect your browsing experience. We also use third-party cookies that help us analyze and understand how you use this website. In order to calculate your forgiveness amount you need to take the following steps: Step 1: Record the sum of your (1) Payroll costs, (2) Mortgage Interest payments, and (3) Utility costs; Step 2: Subtract the total amount of salary/hourly wage reductions from this number Below that, there is a loan payment schedule, showing each payment date and payment details. Line 1: Payroll costs | $180,000. 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 Loan Forgiveness Supporting Calculation & Documentation. 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. UPDATE: The templates have been updated as of June 3, please use the new download link provided below. Instructions. Know at a glance your balance and interest payments on any loan with this loan calculator in Excel. Portion of forgiveness associated with payroll lowered to 60% from 75%. Borrowers seeking loan forgiveness for PPP loans can apply for forgiveness through their lenders. Line-by-line calculation. It is mandatory to procure user consent prior to running these cookies on your website. Instructions, PPP forgiveness calculator – Short form 3580EZ– fillable PDF. PPP Loan Amount = $200,000; Payroll Cost 60% Requirement = $300,000 ($180,000 / 0.60) The smallest amount is $153,600. Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. Our PPP Calculator, a powerful but easy to use Excel spreadsheet, accounts for every expense as you allocate your PPP funds, making it simple to determine your forgiveness amount, and report to your own financial institution. 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. Overview. Instructions, PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel. 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. To receive important updates (when passed by Congress, when signed up the President, etc.) There are 3 main sections on this page: 1. Rehires. 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. You are solely responsible for reviewing the Calculator and the underlying assumptions and making any required changes in the Calculator. HOME. 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. WHO WE ARE. 3. Line 3: Rent or lease payments | $10,000. All rights reserved. Fillable PPP Loan Forgiveness Application – with formulas. This document is to be shared with anyone who needs a simple tool, and walk-through instructions, for calculating loan … We recommend all borrowers consult with their bank, legal, financial, and business advisors regarding interpretation and implementation of the loan forgiveness program. Look over these steps to prepare for … Download the PPP Forgiveness Calculator Additionally, we are now offering PPP loan forgiveness calculations as a service for a flat fee of just 2% of the loan amount. How to Use the Loan Payment Schedule: How to enter loan information, see the payment schedule, and … Note: We are not part of or affiliated with the Small Business Administration or U.S. Government. Instead, we will be utilizing phone calls and/or email to communicate with our clients. 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. Post & Schell, P.C. Necessary cookies are absolutely essential for the website to function properly. * Modifying start date of forgiveness period. Remember those sleepless nights before receiving the funding? Line 4: Utility payments | $2,000 The 25% limitation was not written into the CARES Act. * Providing more than eight weeks for forgiveness. ... download detailed Instructions for the form and an excel spreadsheet to help with your calculations. Member of Russell Bedford International, a global network of independent professional service firms. Slide deck: FMA guide to Managing your PPP Loan and Forgiveness 202 (pdf) Updated Monday 11/23 1 pm ET. All in-person meetings are cancelled. We will no longer have in-person drop offs of accounting/tax data. Please provide your name and email below to download the DWH PPP Loan Forgiveness Calculator. The American Institute of CPAs (AICPA) has created a loan forgiveness calculator (excel spreadsheet download) for the Paycheck Protection Program (PPP) to help resolve outstanding issues with the process. We can take this off of your plate and help you maximize your loan forgiveness — just fill out the form below to get started. It’s best practice to complete these worksheets regardless of your funding to be ready in the event you are asked. Line 2: Mortgage interest payments | $0.00. Chicago, IL 60604 Currently the eight week window starts at on the loan disbursement date. We wish you, your family, and your business health and safety. Thank you for your patience and understanding during this challenging time. when will email you: Please enable JavaScript in your browser to complete this form.Name *FirstLastEmail *Enroll to be notified when SbaLenders.com has an online PPP enrollment option available.CommentSubmit. Our team members are being encouraged to work remotely. Created with Sketch. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We last shared some best practices and next steps once you receive your PPP funds. Great for both short-term and long-term loans, the loan repayment calculator in Excel can be a good … This website uses cookies to improve your experience while you navigate through the website. The new 24-week limit and other changes to PPP Loans means changes in calculating payroll costs, and thus the amount of loan forgiveness. It’s now time to start tracking your use of the funds to determine the amount to be forgiven. The output of the Calculator is based solely on information you provide. No clients or guests will be allowed in our suite. Salary/wage reduction. PPP forgiveness calculator – Long form 3580, PPP forgiveness calculator – Short form 3580EZ, List of top recipients of PPP loans (through end of June). Please note that this blog is based on laws effective on May 2, 2020 and may not contain later amendments. 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. Biggest changes to the CARES Act forgiveness legislation: To qualify to use the 3508EZ form, borrowers must meet one or more of the following criteria: We expect Congress to pass another round of PPP stimulus. 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. To aid you in this process, we’ve prepared a few Excel workbooks which you can download by clicking the link below. We believe that without changes many borrowers will owe between 10% – 30% of their SBA loan amount after the 8-week post-loan period due to: 1) Lack of demand – Many businesses will not see robust demand for their products or services while coronavirus rages and will be reluctant to rehire laid off workers especially those which can’t operate at full capacity due to governmental restrictions. Kevin's excellent explanation of the spreadsheet, and PPP loan proceeds use and forgiveness rules, using the spreadsheet as a line by line accountability, client education and tracking tool. You also have the option to opt-out of these cookies. Out of your $200,000 PPP loan, $153,600 is forgivable. PRICING. Fax: (630) 953-4905, Chicago CONTACT US. It is designed to take the guesswork out of tracking which expenses count toward your PPP loan forgiveness. Thank you for visiting our PPP Loan Forgiveness Calculator! 53 West Jackson Street, Suite 828 Please contact Cray Kaiser for most recent information. Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. LET'S START. The template calculates the monthly payment, in cell E2. There has been a lot of narrative around the computations of the loan forgiveness (including our own) and now it’s time to put those numbers to work! Major Topics. Phone: (630) 953-4900 We ask that you email [email protected] to request your portal access. Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. This will eliminate the need for you to drop off your tax information at our office. We believe there will be flexibility provided here for businesses that can’t operate at full capacity due to government mandates (e.g., eight weeks may start the first week in which a business isn’t restricted in terms of customer capacity). PPP Loan Forgiveness Calculator Last updated June 8, 2020 . Borrowers can elect a 24-week coverage period instead of 8-week. 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. Copyright 2021. Should any questions arise as you complete these calculations with the PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900. 's Paycheck Protection Program Loan Forgiveness Tool. If any changes occur during the course of the next few days, we will update our website. PPP Loan Forgiveness Calculation Form. The calculator is based on existing PPP guidance from the Department of Treasury and Small Business … An excel spreadsheet will be provided to assist in all of the necessary calculations. All paper files, tax returns etc. Review the PPP Forgiveness Application Form; Review the EZ Application Form; Interim Final Rules 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. Google Tag Manager Dec 25, 12:03 AM EST Our previous comments on PPP loan forgiveness back in May 2020 for those interested: One overlooked aspect of the PPP is the calculation of debt forgiveness. Each workbook contains instructions, the loan forgiveness calculator, determination of your FTE (full time equivalent), actual tracking of costs template, a certification template and two examples so you can “see the math” in action. 3) The math – The calculation of the maximum SBA loan amount is based on 2.5x months of payroll costs (~76 days), whereas the loan forgiveness calculation is based on eight weeks (56 days). Correct decreases from either of the first or second step, respectively, as follows: The … Using the longer period may allow a Borrower to document the use of all the PPP funds for payroll rather than also including other eligible uses, and avoid having to provide documentation for other uses. Creating a payroll report may help verify these numbers and expedite the auditing process. PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel. We are speculating the most plausible modifications to the forgiveness program will be: * Allowing forgivable non-payroll expenses above 25%. Companies should contact their financial or legal advisors or the Small Business Administration for more information regarding eligibility. PPP Loan Forgiveness User Guide. will no longer be mailed by our office to you. We will amend and add to the template as information becomes available. Note: We are not part of or affiliated with the Small Business Administration or U.S. Government. Oak Brook This course will address the changes to the PPP Loan Forgiveness Application as a result of the PPP Flexibility Act. Fill out the form to get our free loan forgiveness calculator spreadsheet, including: 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. Menu. Skip to main content. 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. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. So the debt forgiveness period is 74% shorter than the maximum debt calculation period. 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