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. We aren’t part of the SBA and clearly aren’t PPP experts, but we hope you will find our calculator educational and informative. The Paycheck Protection Platform allows lenders to submit PPP loan requests and their forgiveness decisions to the … Do not enter a number greater than 1.0 on Line 13. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. PPP Loan Application Deadline Extended to May 31: Under the Economic Aid Act passed in December 2021, organizations originally had until March 31, 2021 to apply for a 2021 first or second draw PPP loan. 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. SBA PPP Loan Forgiveness Worksheet In the current times we are interested in ensuring we do everything we can together to navigate the current situation to a successful outcome together. Please do not submit any documents to SBA.com®. Please use this Forgiveness Expense Excel Worksheet to help with the PPP forgiveness validation process. Please read the instructions in the 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. Stay tuned in the weeks and months ahead to see if there are legislative or executive action taken to modify the loan forgiveness calculations. If the result is less than 1.0, enter it on Line 13. This downloadable chart provides a simplified look at Small Business Administration loan options. You've applied for the Paycheck Protection Program (PPP,) and you've been told that you are getting the money. Copyright 2021. 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; Step 3: Multiply this … Fill out the form to get our free loan forgiveness calculator spreadsheet, including: Borrower Demographics (p 5) 6. *Unabridged Software does not provide financial or legal advice. PPP forgiveness calculator – Short form 3580EZ – fillable PDF. A resource to help your clients get a basic understanding of SBA loan options. 2. x�c```b``������f� Ā B@1V ��� B��+���\ ��ͣz��Q��+��ݷ�BLY��ԭ|�Ɇ��j�D���`��e�6;��V��� The 11 pages consist of a mix of instructions, worksheets and application, not as twisted as some IRS forms can be, but definitely requires focus to fill out accurately and completely. SBA loan snapshot. SBA Paycheck Protection Platform. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. CARES Act - Paycheck Protection Program Loan Forgiveness Spreadsheet The SBA recently released the PPP loan forgiveness application. 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 … * Modifying start date of forgiveness period. Portion of forgiveness associated with payroll lowered to 60% from 75%. Carefully review the SBA Provided Instructions. We recommend all borrowers consult with their bank, legal, financial, and business advisors regarding interpretation and implementation of the loan forgiveness program. Extends the covered period for loan forgiveness from eight weeks after loan disbursement to 24 weeks or Dec. 31, 2020 (whichever comes first) • Borrowers who received a PPP loan before June 5, 2020 retain the option to use an eight-week covered period. Overview of SBA loans. Reduction in PPP Loan Forgiveness The following is subject to additional SBA guidance and clarification of the new PPP SBA 7(a) loan program. Certification (p 2) 3. ��Y�xt�����|���O��Ƣ�N4��b��|�0Y+��*^��^����j�ĸ� Determine if you can use the SBA EZ Loan Forgiveness Application. �6l�� i^ �~� �p��JxǕ4�B�nK���q�k��޲.�a�`v��J�;�B��? However, there are stipulations regarding how these funds must be used in order for them to be forgiven. DWH staff is available for further support. ���s�m��|��Mq^I�i{CzP0�;�^1 xk�@��pP̣���b$$�BsZںk5��5���TV>W��]�l�6. 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). The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. Schedule A (p 3) 4. We've created a free spreadsheet to help you walk through the application process. endstream endobj All rights reserved. Lowers the requirement that 75 percent of a borrower’sloan proceeds must be used/spent for Forgiveness expense worksheet. Borrowers can elect a 24-week coverage period instead of 8-week. 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). Use of this template is optional. SBA PPP Loan Forgiveness Application 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. Enroll to be notified when SbaLenders.com has an online PPP enrollment option available. SBA PPP Loan Forgiveness Calculator. The program … Many of our clients have expressed interest in high volume batch processing. It is not necessary to obtain the password to use these documents. Note: We are not part of or affiliated with the Small Business Administration or U.S. Government. PPP forgiveness calculator – Long form 3580, PPP forgiveness calculator – Short form 3580EZ, List of top recipients of PPP loans (through end of June). See page 1 of the SBA Application for Forgiveness EZ Instructions 2. 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 Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable Business Address NAICS Code Business TIN (EIN, SSN) Business Phone ( ) - Primary Contact E-mail Address ☐ First Draw PPP Loan ☐ Second Draw PPP Loan (check one) SBA PPP Loan Number: Lender PPP Loan Number: PPP Loan Amount: Instructions for Using the Cash Compensation Worksheet, March 5, 2021 Page 1 Instructions for Using the Cash Compensation Worksheet To apply for forgiveness of your Paycheck Protection Program (PPP) loan, the Small Business Administration (SBA) loan forgiveness application • 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. a. How To Get The Sba Loan Forgiveness – Just in case you will need quick loan authorization, the PPI loan forgiveness program is a terrific way to get funds you need without delay. •Revised Loan Forgiveness Application Revised –5 pages •Separated into 5 sections: pages 1 - 3 must be submitted to Lender: 1. 2. Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. To receive important updates (when passed by Congress, when signed up the President, etc.) Awesome! 1. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Instructions www.sba.gov/ppp under Loan Details and Forgiveness. PPP Loan Forgiveness. ]PPP forgiveness calculator – Long form 3580 (revised on 6/17/20 and again on 6/19/19 to correct formula error) – Excel. 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. %PDF-1.7 %���� Please use this checklist as you begin your loan forgiveness application. endstream endobj 25 This SBA loan calculator, built in a simple Excel spreadsheet, includes formulas that make it easy for construction businesses to figure out: PPP Loan Forgiveness Calculation Form. 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. Alternatively, you may manually The SBA Paycheck Protection Program (PPP) provides $350 billion in forgivable loans to small businesses, including contractors, suppliers, and other construction businesses that qualify. Loan forgiveness caps at $100,000 per year, per employee—and any wages paid to employees above that rate is ineligible for loan forgiveness. We recommend all borrowers consult with their bank, legal, financial, and business advisors regarding interpretation and implementation of the loan forgiveness … 857 0 obj <>stream So the debt forgiveness period is 74% shorter than the maximum debt calculation period. Instructions, PPP forgiveness calculator – Short form 3580EZ– fillable PDF. EIDL Loans are provided directly from the Small Business Administration (SBA), and loans are available up to $2M. The rules around forgiveness of PPP loans are changing. Lowers the requirement that 75 percent of a borrower’sloan proceeds must be used/spent for when will email you: Please enable JavaScript in your browser to complete this form.Name *FirstLastEmail *Enroll to be notified when SbaLenders.com has an online PPP enrollment option available.CommentSubmit. Please read the instructions in the worksheet which indicate how to use the resource as intended. Instructions. 1. PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel. Extends the covered period for loan forgiveness from eight weeks after loan disbursement to 24 weeks • Borrowers who have already received PPP loans retain the option to use an eight-week covered period. Schedule A worksheet (p 4) 5. Tất cả các tài liệu dưới đây chỉ phục vụ mục đích cung cấp thông tin. The excel spreadsheet was built to help businesses manage through the SBA’s Paycheck Protection Program (PPP). D$)с�F#�U�|��E�����4!��mFK���'i�)M�����1.�SG��X`�����r�d�㺲0l� ֖�BCy@�k �‚B��Ϗ� PPP Loan Forgiveness Calculation Form Yellow Boxes = Fillable Data Fields Business Legal Name (“Borrower”) DBA or Tradename, if applicable ABC Corp ABC Plumbing Business Address Business TIN (EIN, SSN) Business Phone 123 Main St, Albuquerque, NM 87123 XXXXXXXXXX (505) 123-4567 Primary Contact E-mail Address John Smith email@abc.com SBA PPP Loan Number: Các đơn đăng ký phải được nộp bằng tiếng Anh. Thank you for visiting our PPP Loan Forgiveness Calculator! Paycheck Protection Program (PPP) Funds are provided in the form of loans that may be fully forgiven when used for applicable expenses, such as: payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for payroll). If the result is 1.0 or higher, enter 1.0. It is not necessary to obtain the password to use this document. Instructions, PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel. 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). 855 0 obj <> endobj Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. ... Download the Excel worksheet. 856 0 obj <>/Metadata 70 0 R/ViewerPreferences 881 0 R>> endobj 858 0 obj <>/XObject<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/MediaBox[0 0 720 540]/Contents 859 0 R/Group<>/Tabs/S/StructParents 0/CropBox[ 0 0 720 540]/Rotate 0>> endobj 859 0 obj <>stream Currently the eight week window starts at on the loan disbursement date. x��T[k�0~7�?�G�P�]-(��iK�l5�a�!�͖ěV��w����: %6$K络��hW�ɸ\���~� x�cd```d`� $�� � @��Hp,��@��T �y#c�- ��/������I� D������(�:�L�i`�D0�f�"XA�` � �� PLEASE NOTE: This spreadsheet is locked to maintain the integrity of the formulas. PPP Forgiveness Application Calculation (p 1) 2. b. Click here to download the official U.S. Small Business Administration Form 3508 PPP Forgiveness Application. The 25% limitation was not written into the CARES Act. 871 0 obj <]>>stream Rates are 3.75 percent, and terms are available up to 30 years. �;.$��� d�鄲a�\]�o����0�� �y�6�(����\��%�erE�R���A�C8n�W�+#�*/jx���5 Loan forgiveness workbook 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 … If you have any questions please reach out to your PPP bank contact or our Customer Care team at 1-800-339-6573. We are speculating the most plausible modifications to the forgiveness program will be: * Allowing forgivable non-payroll expenses above 25%. For those of us that are familiar with filling out government forms, overall, the 11-page PPP Loan Forgiveness Application, SBA Form 3508 (05/20) is not too bad. * Providing more than eight weeks for forgiveness. Supplemental support documents “SBA PPP Loan Borrower Disbursement Authorization” and “SBA PPP Loan Borrower’s Certification” can be added. Note: We are not part of or affiliated with the Small Business Administration or U.S. Government. EIDL overview with PPP and MSLP comparisons 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. 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