ppp loan forgiveness tracking spreadsheet

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