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.. 3. PPP Schedule and Worksheet. Fill out the form to get our free loan forgiveness calculator spreadsheet, including: Forgiveness Amount Calculation. Great for both short-term and long-term loans, the loan repayment calculator in Excel can be a good reference when considering payoff or refinancing. This is an accessible template. If you received your loan after June 5, 2020, you apply based on the 24-week period. Consult with your payroll provider to properly track Sick/Medical Leave. The SBA recently released the PPP loan forgiveness application. For help with your specific situation, please reach out to our RINA CARES team at COVID@RINA.com. Whether you’re ready to submit a PPP loan forgiveness application today or just want to get a ballpark figure, read on to learn the process of using Form 3508, and see an example. ... Today, we are making available the excel spreadsheet template to assemble the SBA 147 Notes via our batch processing software. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Boyer & Ritter can help your business navigate through compliance requirements of the loan forgiveness program, to help ensure maximum forgiveness is received, and provide a reliable and trusted source of information for your lender and the government. 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. Determine your FTEs for the applicable test period, which is February 15, 2019 through June 30, 2019 or January 1, 2020 through February 29, 2020, whichever gives you the greater benefit. (See 5-18-20 for updated post.) This content does not constitute accounting, tax, financial, or legal advice. The Paycheck Protection Program and the potential to have part of the loans forgiven by the Federal government has created a lot of interest! Download our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. FTE Reduction Safe Harbor The contents of this page were updated last on May 27, 2020 as a result of new governmental publications. It is not necessary to obtain the password to use these documents. PPP loan accounting. This content is prepared solely to provide general information to our clients and friends. If you applied for and received a Paycheck Protection Program (PPP) loan, you’re likely very aware of the uses, expectations, and tracking requirements needed to achieve loan forgiveness.If you’re not, we’ll give you a refresher here, along with another basic guide for how best to track the movement of every single one of your PPP dollars. 3. We suggest you 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. With us sharing that spreadsheet, let me just give a quick disclaimer: “This sheet is for reference only and should not be relied upon as tax, legal, or lending advice. The attached template should help – it is intended as a planning tool. RINA wants to be of assistance to our clients and community. … It is designed to take the guesswork out of tracking which expenses count toward your PPP loan forgiveness. We believe that without changes many borrowers will owe between 10% – 30% of their SBA loan amount after the 8-week post-loan … Please reach out to us if we can help. Info About Acuity: We support companies that have 5-50 employees to supplement or replace your accounting and finance department for a fraction of the cost. Please note that this blog and the 24-week PPP loan forgiveness templates are based on laws effective in August 2020 and may not contain later amendments. PPP Loan Uses & Forgiveness: A Guide to Track Expenditures. In order to apply for loan forgiveness for the PPP program, you are required to complete the U.S. Small Business Administration Form 3508. Furthermore, since a portion of the PPP loan can be used for mortgage, lease, and utility obligations, gather documents to verify that you make those types of payments. 2021 - PPP Loan Forgiveness Rules. Know at a glance your balance and interest payments on any loan with this loan calculator in Excel. We’ve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. How to Track PPP Loan Expenses (Template Included) - YouTube 475 14th Street Suite 1200 Oakland, CA 94612, 150 Post Street Suite 200 San Francisco, CA 94108, 201 North Civic Drive Suite 220 Walnut Creek, CA 94596. The maximum loan amount is based on a business’s average monthly payroll cost (931s and/or line 31 of Schedule C Form 1040). Excel Spreadsheet Template for tracking PPP expenses 2. Request for proposal (RFP) process tracker. When making a PPP loan calculation, the worksheet is straightforward. What are the reporting requirements for PPP loans? The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. Nothing on this website is an offer or a solicitation for a loan. Borrowers may be eligible for PPP loan forgiveness.. SBA is currently offering PPP loans until May 31, 2021.President Biden announced program changes to make access to PPP loans more equitable.. 1. Download this Excel loan calculator and take charge of your financial obligations. Please contact Cray Kaiser for most recent information. 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. RINA's professionals have helped over 40 businesses and organizations gather information to apply for the PPP program. QuickBooks Guidance for tracking PPP expenses Paycheck Protection Program Overview. We have also provided our clients with ways to track costs paid for by PPP loan money so that they can ensure compliance with the rules and maximize potential forgiveness. 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. We would like to share an overview of the potential for loan forgiveness and the spreadsheets we have developed working on this process. Many of our small businesses in Northwest Iowa have received a Paycheck Protection Program (PPP) loan. Sharpen your resume writing with the Editor feature in Word. To properly account for the PPP loan, we suggest creating a “PPP Loan Payable” account on your trial balance to record the liability you assume upon receipt of your loan proceeds. DOWNLOAD THE PPP LOAN FORGIVENESS TEMPLATES. NOTE: The PPP Forgiveness Application provides for an “Alternative Payroll Covered Period that begins on the first day of the first pay period following the receipt of loan proceeds Download our specially prepared expense spreadsheet to track all the necessary PPP expense information to stay in compliance. 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. See our Advertiser Disclosure for more information on how we try to connect you with a Paycheck Protection Program (PPP) lender or other small business lenders. Paycheck Protection Program SBA Form 1502 Reporting Instructions; SBA PPP Lender Support (Points of Contact) EIDL Reconciliation Payments Message Effective 02/08/2021; Section 1112 of the CARES Act. PPP Loan Forgiveness Example Calculations. Know at a glance your balance and interest payments on any loan with this loan calculator in Excel. Congratulations on navigating the PPP process. 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. 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. Line 1. Eligible borrowers able to receive 2.5are x themonthly payroll amount based Track Headcount of your Employees each week or each Payroll. Input payroll data into the spreadsheet. Based on the new forgiveness application form 3508EZ if you received your PPP loan on or before June 5, 2020, you may choose an 8-week Covered Period or a 24-week Covered Period. Downloadable PPP Expense Spreadsheet. Salary/Hourly Wage Reduction. Thank you for visiting our PPP Loan Forgiveness Calculator! Step 3. Paycheck Protection Program (PPP) Loan Tools. Please read the instructions in the worksheet which indicate how to use the resources as intended. Guidance is sparse and we expect the administration and SBA to fill in the gaps over the next several weeks. Supplemental support documents “SBA PPP Loan Borrower Disbursement Authorization” and “SBA PPP Loan Borrower’s Certification” can be added. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. PPP Expense Spreadsheet Werner & Co. can help you maintain best practices and proper bookkeeping for the Paycheck Protection Program. The calculator is based on existing PPP guidance from the Department of Treasury and Small Business Administration (SBA), as well as additional recommendations added by the AICPA. One of the key provisions of the PPP is the opportunity to have up to the entire loan amount forgiven. 1. The next task for those who submitted loan applications for the Paycheck Protection Program (PPP) will be to determine how much of the loan will be forgiven. In the 8 weeks after you get a PPP Loan, you need to be sure you spend the money at least 75% on payroll and benefits and 25% on rent, utilities, transportation and mortgage interest. This website is not a lender and does not broker loans, make loans or make any credit decisions. Simple loan calculator and amortization table. April 20 2020. PPP - Loan Forgiveness Overview Revised May 29, 2020; PPP - FTE Employee Worksheet spreadsheet Revised May 27, 2020; PPP - Cost Tracking spreadsheet Revised May 21, 2020; PPP - Salary Forgiveness spreadsheet Revised May 21, 2020; For help with your specific situation, please reach out to our RINA CARES team at COVID@RINA.com. This tracking spreadsheet shows you in real time where you stand and whether you are meeting these percentages so you have a good chance at having the loan forgiven. This loan will remain a payable until either the bank provides a notice of forgiveness or principal payments are made. Section 1112 Gross Loan Payment Amounts - Blank Template (Mandatory Format) PPP Loan Forgiveness Support Services . Thanks to the SBA’s release of the Loan Forgiveness Application, you can do the PPP forgiveness calculation for your loan amount. PPP Loan Forgiveness -----Totals - -PPP Schedule A Line Reference Line 9: Step 1 Enter your total average FTE between 2/15/20 - 4/26/20-This amount will come from the FTE Calcs for Safe Harbor Tab or you can manually enter amount. 2021 - PPP Worksheet Instructional Guide. This SBA loan calculator, built in a simple Excel spreadsheet, includes formulas that make it easy for construction businesses to figure out: We've created a free spreadsheet to help you walk through the application process. Werner & Co. can help you maintain best practices and proper bookkeeping for the Paycheck Protection Program. 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