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