ppp loan forgiveness tracking spreadsheet

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