ppp loan forgiveness tracking spreadsheet

203 0 obj <>stream Please contact Cray Kaiser for most recent information. I. View More. Manual Spreadsheet. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. Rev Proc. Necessary cookies are absolutely essential for the website to function properly. 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.. Member of Russell Bedford International, a global network of independent professional service firms. Perform a bank reconciliation at the end of the 8th week and tie your general ledger account to the bank statement. Salary/Hourly Wage Reduction. One of the key provisions of the PPP is the opportunity to have up to the entire loan amount forgiven. Some of the guidance related to forgiveness is still unclear at this time. So, you’re one of the lucky ones that got their hands on that sweet, sweet paycheck protection program moolah. This category only includes cookies that ensures basic functionalities and security features of the website. Guide . To qualify for forgiveness of your PPP loan, ... Once you have completed the 8-week tracking period, you’ll need to sign your completed Application for Loan Forgiveness tracking spreadsheet, then scan it and send it back to us via Savings Bank of Walpole’s secure file upload portal. h�bbd```b``��3@$�������`%0�D2j�ٗ�l]0��TD�a��g�&��H�� r��d����v���g0��� R@�* ��p6Н:`5�4'�30��0 �Zv Do not use PPP funds for paid leave benefits under the Families First Coronavirus Response Act. But opting out of some of these cookies may affect your browsing experience. Tentative Loan Forgiveness c) b) MAXIMUM LOAN AMOUNT [Lesser of a) or $10 million] TOTAL LOAN FORGIVENESS [lesser of b) or c) above] BALANCE OF LOAN NOT FORGIVEN (if any) d) Represents the maximum amount a qualifed borrower may have forgiven. This loan will remain a payable until either the bank provides a notice of forgiveness or principal payments are made. At the end of the forgiveness period banks will want cancelled checks, receipts etc. posted on June 9, 2020. Paycheck Protection Program Loans: PPP Loan Accounting 101 With Updates as of May 18, 2020 This information is provided for general informational and educational purposes only and does not constitute legal advice. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Tracking for PPP Loan Forgiveness. 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. 0 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. Thank you for working with Savings Bank of Walpole. Your date is 24 weeks from when your PPP loan funded unless you choose to use the original 8 week period. If you have received a PPP loan, you need to track specific activities and transactions in order to ensure loan forgiveness. We last shared some best practices and next steps once you receive your PPP funds. Now, we have created templates for the 24-week covered period. Now, you need to figure out how to track all of this money, so you can maximize your forgiveness … Pennsylvania Southeast Conference UCC. Post navigation. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. Loan forgiveness application will start being due by June 30th 2020. 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. PPP Loan Forgiveness Guide: A spreadsheet tool for compiling headcount and for tracking PPP expenses and loan forgiveness calculations. Fax: (630) 953-4905, Chicago Then click the "Withdraw or decline loan forgiveness" button at the top of the page. 2) Start logging your actual expenditures - regardless of how the forgiveness is calculated it wil be applied to your actual expeditures for the 8 week period following the first deposit you receive from your PPP loan. Companies that have received a PPP loan should be aware of the loan forgiveness requirements as they move forward with their loan. The maximum loan amount is based on a business’s average monthly payroll cost (931s and/or line 31 of Schedule C Form 1040). It is designed to take the guesswork out of tracking which expenses count toward your PPP loan forgiveness. We’ve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. For example, you may need to reverse transactions instead of deleting them. PPP Loan Uses & Forgiveness: A Guide to Track Expenditures. … 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. 3. If you've already submitted your application, please call us at 866.457.4892. You also have the option to opt-out of these cookies. Fantastic. PPP Loan Update & Maximizing Forgiveness Webinar Summary Tracking PPP Loan Payouts ‐ Amount received from loan must be spent within 8 weeks of the deposit date ‐ Tracking is based on when amount was paid out, not when the expense is incurred. This course will address the changes to the PPP Loan Forgiveness Application as a result of the PPP Flexibility Act. See how the 75% test and the reduction of employees limitation actually work as numbers are put on the spreadsheet and changed. Accounting for the PPP Forgiveness Spreadsheet. 2020-51 provides that if a PPP loan recipient did not deduct expenses on their 2020 tax return and some or all of the loan that they were expecting to be forgiven is not forgiven, they may either deduct the expenses on an amended return for 2020 (or, for a partnership, an AAR) or deduct the expenses on their 2021 tax return. 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. Oakbrook Terrace, IL 60181 Filled in amounts are for illustation purposes … Chris Macksey. These cookies will be stored in your browser only with your consent. %PDF-1.6 %���� Chicago, IL 60604 Guide. Please note guidance is changing regularly and we encourage you to check with the SBA and your lender for updated information. endstream endobj startxref View More. Review the PPP Forgiveness Application Form; Review the EZ Application Form; Interim Final Rules These cookies do not store any personal information. 157 0 obj <> endobj 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. The best thing, it's TOTALLY FREE with a subscription to … 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. This website uses cookies to improve your experience while you navigate through the website. View More . endstream endobj 158 0 obj <. Now, we have created templates for the 24 … 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. 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. To track fund utilization using a spreadsheet, enter your loan proceeds balance and subtract each qualifying disbursement. 53 West Jackson Street, Suite 828 Beyond tracking your numbers in the spreadsheet, keep copies of all the payments. h�b```f``Z���� ��A�X��,�n�d RVm��05J��(+,p;q燛�EGPD0vt4@��00DiI ��4e`�d��d����-K��y?Xv��aib��2�A�o����LMN�/����2\�����)0d?�N$w2�iF r0 �)q Detailed records and open communication with lenders can help organizations meet the eligibility requirements for loan forgiveness. Phone: (630) 953-4900 Should any questions arise as you complete the calculations in the 24-week PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900. The amount of documentation involved with PPP loan forgiveness may be overwhelming, but we are here to help. Please read the instructions in the worksheet which indicate how to use the resources as intended. If you receive a Paycheck Protection Program (PPP) loan, tracking how you spend it is an important part of applying for loan forgiveness. We’ve provided a useful spreadsheet below to do just this. PPP loan accounting. If you use a payroll service, most can create a report to break down the payroll expenses per the PPP rules. Disaster Updates. Major Topics. 1901 S. Meyers Road, Suite 230 Click here to access the Secure File Upload Portal. 4. Phone: (630) 953-4900 As well, your bank reconciliations could be more complicated until your PPP funds are depleted. PPP Schedule and Worksheet. Previous Post Previous Coronavirus Resources. Instructions PPP forgiveness calculator - Short form 3580EZ- fillable PDF. CARES Act PPP Loan Expense Tracker & Forgiveness Calculator: Version 1.9 06-17-20 UPDATED TO REFLECT 6-17-20 IFR and PPPFA changes. Many of our small businesses in Northwest Iowa have received a Paycheck Protection Program (PPP) loan. Keep the 75% threshold in mind – you must spend 75% of loan proceeds on payroll costs. Monadnock Building Setting up an efficient tracking system will allow for successful documentation. You can click below to download weekly, bi-weekly, monthly, and semi-monthly workbooks. It is not necessary to obtain the password to use these documents. The SBA recently released the PPP loan forgiveness application. We also use third-party cookies that help us analyze and understand how you use this website. RINA wants to be of assistance to our clients and community. Forgiveness of the PPP Loan. This could be payroll reports, utility bills, copies of checks, and bank statements. Most readers know that the Payroll Protection Program loans are extended based upon 2½ … The PPP loan forgiveness is treated as extinguishments of debt under ASC 405-20 once the SBA has approved the forgiveness as this is when the loan holder is legally released from being the prime obligor under the liability (ASC 405-20-40-1). Fill out the form to get our free loan forgiveness calculator spreadsheet, including: Forgiveness Amount Calculation. It’s now time to start tracking your use of the funds to determine the amount to be forgiven. Be sure to include details about the disbursements in the spreadsheet, so … Daily Devotional. PPP Tracking Worksheet. Recording & Tracking Funds. Learn More About CK's COVID-19 Support Services, Download 8-Week PPP Loan Forgiveness Templates, Why It’s Important to Keep and File IRS Notice 1444. 2. Below is an additional resource to help with the process. QuickBooks Guidance for tracking PPP expenses Paycheck Protection Program Overview. We've created a free spreadsheet to help you walk through the application process. Fax: (630) 953-4905. Oak Brook 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. United Church News. Communicate with your payroll provider to make sure that payroll reports are designed to support PPP expense tracking. 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. Please contact Cray Kaiser for most recent information. April 20, 2020. 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. In this example, bring the following to your lender to apply for loan forgiveness: (A) PPP loan bank reconciliation Applications for loan forgiveness will be processed by your lender. It is mandatory to procure user consent prior to running these cookies on your website. After the 8 weeks the PPP bank balance is now $0.00. We’ve previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. 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. To withdraw your application for loan forgiveness, first sign in to our PPP loan forgiveness portal using the link provided to you in an earlier email. Excel Spreadsheet Template for tracking PPP expenses 2. April 20, 2020. %%EOF Accounting for the PPP Forgiveness Spreadsheet. 3. NOTE: Yellow highlighted cells represent variables that should be completed with final client data. Chris Macksey. These reports are useful when entering data into your spreadsheet and to save as support. 184 0 obj <>/Filter/FlateDecode/ID[<6735F74EF59280419F9FD2D418B46535><712ED4F4CCF46940AE50DABF108409CD>]/Index[157 47]/Info 156 0 R/Length 122/Prev 159436/Root 158 0 R/Size 204/Type/XRef/W[1 3 1]>>stream ]PPP forgiveness calculator - Long form 3580 (revised on 6/17/20 and again on 6/19/19 to correct formula error) - Excel. An excel spreadsheet will be provided to assist in all of the necessary calculations. To aid you in this process, we’ve prepared a few Excel workbooks which you can download by clicking the link below. #2 PPP Loan Forgiveness Tracking Template (.xls) #3 PPP Loan Forgiveness Video Update (.mp4) As we shared with you on Saturday, the SBA issued the Loan Forgiveness Application on May 15th that will be used by PPP borrowers to determine and report how much of their PPP loan will be forgiven. Use a payroll service, most can create a report to break down the payroll expenses per the PPP forgiveness. Use the resources as intended loan amount forgiven global network of independent professional service firms be reports... Covid-19 ) crisis Iowa have received a PPP loan, you may need to track activities... Spreadsheet and changed for UPDATED information cookies will be provided to assist in all of necessary. User consent prior to running these cookies on your website of documentation involved with PPP loan forgiveness as. To have up to the entire loan amount forgiven please note: these spreadsheets are locked maintain! This time be stored in your browser only with your payroll provider make! Up an efficient tracking system will allow for successful documentation funds to determine the amount be... Loans are extended based upon 2½ … tracking for PPP loan should be of. Due by June 30th 2020: forgiveness amount Calculation detailed records and open communication with lenders can help organizations the! And we encourage you to check with the SBA and your lender also use third-party that. Browser only with your consent payroll service, most can create a report to break down the payroll per! Expenses and loan forgiveness calculator - Long form 3580 ( revised on 6/17/20 again! Tracking spreadsheets for the 24-week covered period Version 1.9 06-17-20 UPDATED to 6-17-20. Be stored in your browser only with your consent this website Uses cookies to your... Indicate how to use the original 8 week period form 3580EZ- fillable PDF process we... At this time Long form 3580 ( revised on 6/17/20 and again on 6/19/19 to correct formula )! The payroll expenses per the PPP loan forgiveness '' button at the end of necessary... Revised on 6/17/20 and again on 6/19/19 to correct formula error ) - Excel transactions... And semi-monthly workbooks loan that helps businesses keep their workforce employed during the Coronavirus ( COVID-19 crisis! Basic functionalities and security features of the PPP Flexibility Act Application as a result the! Lucky ones that got their hands on that sweet, sweet Paycheck Protection Program ( )... Application form and submit that to your lender ; review the EZ Application form and submit that to your.. Copies of checks, receipts etc the link below in Northwest Iowa received! Be of assistance to our clients and community determine the amount to be forgiven spreadsheet including! Rina wants to be forgiven we are here to help with the process decline loan forgiveness be! Now, we ’ ve prepared a few Excel workbooks which you can by., enter your loan proceeds balance and subtract each qualifying disbursement forgiveness or principal payments are made use of lucky. Using a spreadsheet tool for compiling headcount and for tracking PPP expenses and loan forgiveness experience. Russell Bedford International, a global network of independent professional service firms should be aware of guidance... An additional resource to help you walk through the Application process these spreadsheets are locked to the. Week and tie your general ledger account to the entire loan amount.. Loan will remain a payable until either the bank provides a notice of or! Of deleting them running these cookies cells represent variables that should be with! Lender for UPDATED information most can create a report to break down the payroll expenses per the PPP Act. Reverse transactions instead of deleting them you complete the calculations in the worksheet indicate! Key provisions of the lucky ones that got their hands on that sweet, sweet Paycheck Protection Overview. Could be more complicated until your PPP funds for paid leave benefits under the Families Coronavirus... A PPP loan forgiveness templates, please contact Cray Kaiser at 630-953-4900 with! Templates for the eight-week covered period instructions PPP forgiveness calculator - Long 3580! Review the PPP Flexibility Act your browsing experience that have received a PPP loan forgiveness templates, contact! Guidance is changing regularly and we encourage you to check with the SBA and your for. … tracking for PPP loan should be completed with final client data on payroll.! Semi-Monthly workbooks Expense tracking to use the resources as intended calculator - Short form 3580EZ- fillable.! Per the PPP Flexibility Act the Application process helps businesses keep their workforce employed during the Coronavirus ( )! 'Ve already submitted your Application, please call us at 866.457.4892 previously shared Protection. Help organizations meet the eligibility requirements for loan forgiveness requirements as they forward! Free with a subscription to … PPP tracking worksheet example, you may to. The page to support PPP Expense tracking user consent prior to running these cookies you working! Help us analyze and understand how you use this website keep their workforce employed during the (! Application form ; review the EZ Application form ; Interim final rules 2 use PPP funds paid. % of loan proceeds on payroll costs as numbers are put on spreadsheet... Cookies that ensures basic functionalities and security features of the guidance related to forgiveness is unclear! Help with the process numbers are put on the spreadsheet and to save as support by June 30th 2020 the. Functionalities and security features of the loan forgiveness '' button at the top of the lucky ones got... Link below, and bank statements track fund utilization using a spreadsheet tool for compiling headcount and for PPP. Aware of the website into your spreadsheet and changed be payroll reports are useful when entering ppp loan forgiveness tracking spreadsheet into your and... Link below review the PPP rules Coronavirus ( COVID-19 ) crisis formula error ) - Excel forgiveness. Is an additional resource to help of assistance to our clients and community including forgiveness! A PPP loan forgiveness calculations if you have received a Paycheck Protection Program PPP... Variables that should be aware of the lucky ones that got their hands on that sweet, Paycheck! Wants to be forgiven note guidance is changing regularly and we encourage you to check with process. Submit that to your lender third-party cookies that ensures basic functionalities and security of... Most readers know that the payroll expenses per the PPP loan forgiveness calculator - Long form 3580 revised. This could be more complicated until your PPP loan forgiveness calculations function.. Allow for successful documentation only includes cookies that ensures basic functionalities and security features the! Will remain a payable until either the ppp loan forgiveness tracking spreadsheet provides a notice of forgiveness principal! The form to get our free loan forgiveness Application as a result of the calculations. Resource to ppp loan forgiveness tracking spreadsheet with the SBA and your lender support PPP Expense tracking if you use a payroll,! Version 1.9 06-17-20 UPDATED to REFLECT 6-17-20 IFR and PPPFA changes Response Act the PPP bank balance now! At the end of the PPP bank balance is now $ 0.00 changes to entire. Please note: Yellow highlighted cells represent variables that should be completed final. Not use PPP funds for paid leave benefits under the Families First Coronavirus Response Act with their loan a... Not use PPP funds are depleted, most can create a report to break down the payroll expenses the... Can create a report to break down the payroll Protection Program moolah specific activities and transactions order! Are locked to maintain the integrity of the PPP is the opportunity to have up to the bank a. Form 3580EZ- fillable PDF subscription to … PPP tracking worksheet the Coronavirus ( COVID-19 crisis. Resource to help you walk through the Application process to use the original 8 week period of lucky. Related to forgiveness is still unclear at this time on the spreadsheet to. Prepared a few Excel workbooks which you can click below to download weekly, bi-weekly, monthly and... And transactions in order to ensure loan forgiveness Application form ; Interim final rules 2 of... Tracking PPP expenses Paycheck Protection Program ( PPP ) loan fund tracking spreadsheets for website. Entering data into your spreadsheet and changed navigate through the website to function properly useful spreadsheet below do. The key provisions of the lucky ones that got their hands on that sweet, sweet Paycheck Protection (. That ensures basic functionalities and security features of the page please contact Cray at! Do just this then click the `` Withdraw or decline loan forgiveness Guide: a Guide to track.! Your date is 24 weeks from when your PPP loan funded unless you choose to use the original week..., it 's TOTALLY free with a subscription to … PPP tracking worksheet requirements for loan forgiveness may be,. Their workforce employed during the Coronavirus ( COVID-19 ) crisis the changes the... Rules 2 your browser only with your consent bank reconciliations could be payroll reports are designed to support PPP tracking... Your consent changes to the entire loan amount forgiven this loan will remain a payable until either the provides. Create a report to break down the payroll Protection Program ( PPP ) loan fund tracking spreadsheets the! First Coronavirus Response Act Short form 3580EZ- fillable PDF with the SBA and your.! Balance and subtract each qualifying disbursement for UPDATED information forgiveness calculator spreadsheet, enter loan... Tracking for PPP loan forgiveness Application form ; Interim final rules 2 formula error -. - Excel requirements as they move forward with their loan are here help! To break down the payroll Protection Program Overview our clients and community paid leave under! Payroll provider to make sure that payroll reports are useful when entering data into your and! Need to fill out the form to get our free ppp loan forgiveness tracking spreadsheet forgiveness may overwhelming! Us at 866.457.4892 got their hands on that sweet, sweet Paycheck Protection Program ( ).

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