Instructions for PPP Schedule A Worksheet . Enter the 24-week equivalent of the difference in salary by multiplying by 24/52 (use 8/52 if you are using an 8-week Covered Period). We mentioned that earlier SBA guidance specifically prohibited Schedule C owners from getting loan forgiveness for … But it’s not the simplest form to fill out. Record on Step 2. Notes: Each Box is at the bottom of Table 1, referenced by a key. Enter the smallest of lines 12, 13, and 14. Take the total amounts you entered on this column of Table 1, but only Table 1 … This is your E-tran number that the SBA generated for you. You do not need to report any expenses you don’t want to claim for forgiveness. Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower’s payroll system or payroll processor. Start with completing Table 1 for employees paid <$100K. Those employees are to be listed on Table 2. If you received your loan prior to December 27, 2020, the Covered Period can’t go past December 31, 2020. Further reading: How to Calculate FTE for the PPP. We’ll do one month of your bookkeeping and prepare a set of financial statements for you to keep. Enter the sum of any costs from damages due to public disturbances occurring in 2020 and not covered by insurance. Here you will find the PPP Schedule A worksheet. Line 4 You can find this on your signed loan docs. Friends don’t let friends do their own bookkeeping. Review the pay that … If you had any employees you could not hire back, their FTE can be included here. If you received your PPP loan before June 5, 2020 you can use an eight-week (56-day) period. Otherwise, proceed to the next step. If you have multiple businesses and multiple PPP loans, you will have more than one E-tran number. Now we can proceed to Schedule A on page 6. Next steps. The day the funds arrived in your bank account. Last 4 digits of SSN (Social Security Number). If you are using the Form 3508, you will need to retain your Schedule A Worksheet or its equivalent and the following: 1. On May 18, the SBA released the official form you’ll need to fill out in order to apply for forgiveness on your PPP loan, also known as SBA Form 3508. Enter the sum of any purchase order or order of goods made prior to receiving a PPP loan essential to operations. Enter the employer-paid expenses for employee health insurance, retirement plans, and state and local taxes on payroll. Payroll Costs (add lines 1, 4, 6, 7, 8, and 9): … Annual Salary as of 2/15/2020: This information pertains to salaried employees. Bench assumes no liability for actions taken in reliance upon the information contained herein. You will need to complete Schedule A first to get the figures you need, which we will find by starting on the Schedule A Worksheet … Self-employed individuals without payroll can skip lines 1 through 8. This amount may not be included in PPP Schedule A Worksheet, Table 1 or 2. If there is more than one individual included, attach a separate table that lists the names of and payments to each. If all your employees were paid at least 75% of their original pay (between January 1 and March 31), check the box and enter 0. Great! This is where you calculate if you’ve met the forgiveness requirements for maintaining pay. You should be able to see this in your bank records or in your online banking portal. For simplicity, you can choose to use 1.0 for anyone who works 40 hours or more, and 0.5 for anyone else. If Borrower (together with affiliates, if applicable) received PPP loans in excess of $2 million: Check if applicable. With the current guidance, I would only be eligible for forgiveness of 3.8% (8/52 x 1/4) of my expected 2020 full-year net profit. List every single employee on your payroll during the Covered Period (or the Alternative Payroll Covered Period). The amount on line 1.c would be 0.75 or more, so the borrower would enter $0 in the Salary/Hourly Wage Reduction column for that employee on the PPP Schedule A Worksheet, Table 1. CARES PPP Loan Forgiveness Report (Client) 16 Congratulations, you’ve completed all the required calculations! Total Payroll Costs . Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1; Enter Salary/Hourly Wage Reduction (Box 3) from PPP Schedule A Worksheet, Table 1 However, see Salary Wage/Hourly Wage Reduction for certain cases where you need to add back salary amounts. Between February 15 and the end of your Covered Period, you were unable to operate at the same level of business activity as before February 15 because you were in compliance with health guidelines or requirements set out by government health agencies (the Secretary of Health and Human Servies, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration). Enter the sum of interest payments on any business mortgages that were in effect before February 15, 2020. PPP Schedule A Worksheet or its equivalent and the following: a. ... For example, my business was formed in Oct’19, so my schedule C net profit shows only 1/4 of my expected 2020 full-year net profit. Enter 0. Share this article. PPP Schedule A Worksheet, Table 2 Totals PPP Schedule A Worksheet, Table 1 Totals Non-Cash Compensation Payroll Costs During the Covered Period or the Alternative Payroll Covered Period 0 1.0 $50,000.00 5.0 $0.00 $1,500.00 $2,000.00 $1,000.00 $56,500.00 1.0 5.0 1… This is the third component of the PPP Forgiveness Application, but should ideally be completed before the second component. How to Use The PPP Loan and EIDL Together, Complete basic company information on the main Loan Forgiveness Calculation form, Complete Schedule A Worksheet to see if you meet the headcount and pay requirements, Complete Schedule A to find your payroll and compensation costs, Complete the rest of the Loan Forgiveness Calculation Form to determine your total eligible costs and our forgiveness amount, paid leave (vacation, family, medical or sick leave, not including leave covered by the Families First Coronavirus Response Act), allowances for dismissal or separation paid or incurred during the Covered Period or the Alternative Payroll Covered Period. Enter this amount. We’ll do the required calculations later on. You do not need to report any expenses you don’t want to claim for forgiveness. Make the required representations and certifications and sign. For lines 6 through 9, during the Covered … If the result is greater than 1.0, enter 1.0. What Can I Do? �bX9��brP'繈�s���Z�K���YB��=Γi'%z�N�_�ǰ�x��qG�z�˥@��}��-b{L�[ Now that that’s done, we can move on to page 4. Complete the tables 1 & 2 with all your employees names and salary information. 1. If you did not satisfy the FTE reduction exemptions, divide line 12 by line 11 and enter the result. If you can’t find it, your lender will be able to provide it for you. Forms PPP Schedule A Worksheet or its equivalent. Here’s how to fill out the simplified SBA Form 3508EZ. 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 • Received compensation from the Borrower at an annualized rate of less than or … Enter the sum of any personal protection equipment or property improvements to remain COVID compliant from March 1, 2020 onwards. Otherwise, complete lines 11, 12, and 13. Enter the sum of any software, cloud computing, or other human resources and accounting needs (like Bench). You do not need to report any expenses you don’t want to claim for forgiveness. Lines 1 through 5: Enter the amounts from PPP Schedule A Worksheet Tables as directed. Page 3: Schedule A. Self-employed individuals without payroll can skip lines 1 through 8. If you don’t know where to find this number, speak to your lender—they’ll have it on file. Instructions for PPP Schedule A . �.�����/���u��3���@�8�o�sX��|݆|���:P.�������m�7�د�S.Gcr��#�9���~þy��vPx9Z��h������� ��(#�n�_���c_�8K�z� |�7Q8p��0N�Z�/���-������y�k�vS�����ʵl'ۮ�%AۈLM��z�/��W�q���4:�Si� 7J�aC� There are 3 Parts of the PPP Schedule A Worksheet: 20. The list includes: • Documentation to support the list of each individual employee in PPP Schedule A Worksheet Table 1, including the “Salary/Hourly Wage Reduction calculation if … The employee meets the Safe Harbor requirements if these two conditions apply: The average annual salary or hourly wage on June 30 is equal to or greater than the average annual salary or hourly wage on February 15, The average annual salary or hourly wage between February 15 and April 26 was lower than it was on February 15. Otherwise, proceed to the next step. Then complete Table 2 for employees paid >$100K in 2019 Finally, complete steps 1 -5 of the FTE Reduction Safe Harbor Calculate the following FTEs. This amount may not be included in PPP Schedule A Worksheet, Table 1 or 2. The employee’s compensation over your Covered Period, which includes: Each individual’s compensation cannot exceed an annualized salary of $100,000. Total Payroll Costs Line 10. The Worksheet requires the Borrower to list every employee No reduction in employees or average paid hours, You did not reduce the number of employees or the average number of paid hours of your employees between January 1 and the end of your Covered Period. Table 1 can be found on the PPP Schedule A Worksheet (page four of the application). Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. No pressure, no credit card required. Launch the PPP Forgiveness module.. 2. Enter the number of actual employees, not Full-Time Equivalents (FTE). Payroll Costs Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1; including the “Salary/Hourly Wage Reduction” calculation, if necessary. Refer back to the FTE Reduction Safe Harbor section on the Schedule A Worksheet. You do not need to report any expenses you don’t want to claim for forgiveness. PPP Schedule A Company name: 0 OK - Your Payroll Equals Total From Expense Tracker: PPP Schedule A Worksheet, Table 1 Totals Line 1 - Total Cash Compensation (Box 1 of Worksheet)-Line 2 - Enter Average FTE (Box 2 of Worksheet)- Total average FTE between February 15 and April 26. Page 1: PPP Loan Forgiveness Calculation Form, Finishing Page 1: PPP Loan Forgiveness Calculation Form, how to fill out the simplified SBA Form 3508EZ, Self-Employed Guide to the PPP Forgiveness Application (SBA Form 3508EZ). PPP Schedule A Worksheet together with: Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Tables 1 … Download the Forgiveness Application (PDF). 1a. All PPP documentation must be maintained by the Borrower for six years after the date the loan is forgiven or is repaid in full. Forgiveness Amount Calculation: You can skip this page for. Partnerships (or in general, if any other individuals were compensated as an owner), include a separate table that lists how the compensation was paid out (names and amounts). Maximum value of 1.0. 1. For each employee, complete the following steps: Compare the employee’s pay during the covered period (or alternative payroll period) to the pay between January 1 to March 31. Enter the sum of business rent or lease payments, where the rent/lease agreement was in effect before February 15, 2020. You do not need to report any expenses you don’t want to claim for forgiveness. Using the above instructions on calculating FTEs, you will have the data to support these tables. PPP Schedule A Worksheet (Worksheet) supports the calculation of eligible cash compensation and the calculation of salary/hourly wage reductions. Calculate the period starting from your disbursement date to 24 weeks (168 days) after. Prepayments are not allowed. g�7.ԭ^��Dg�N��r��ɝ;����FKL�v_\��N �]���zm��������I�cܨ�Q=��z"J\� �f/��� �z'�ڝ`s����߱B݂�e. The number the lender has assigned to your loan in their systems. You’ll need to complete Schedule A first to get the figures you need, which we’ll find by starting on the Schedule A Worksheet first. Similarly, for line 5 and lines 11-13, it's easier to skip these for now. The requirements for employees in this table are: 2019 $100,000 Validation.. 3. Table Instructions Employee’s Name: Separately list each employee. 1b. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1 (employees with wages less than $100k annually), including the “Salary/Hourly Wage Reduction” calculation. PPP Schedule A Worksheet. • I - Page 3 - PPP Loan Forgiveness Calculation Form • II - Page 6 – PPP Schedule A • III - Page 9 – PPP Schedule A Worksheet • TABLE 1 - employees in covered period - < $100K in 2019 • TABLE 2 – employees in covered period - > $100K in 2019 • FTE Reduction Safe Harbor • IV - Page 11 – Demographic Info Form (Optional) • 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 • Received compensation from the Borrower at an annualized rate of less than or …