ppp schedule a worksheet excel 24 weeks

If borrowers received the PPP loan before June 5, 2020, the borrower may elect an 8-week covered period as established in the original CARES Act. PDF Documentation Required for Submission Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower's payroll system or payroll processor. If the average annual salary or hourly wage for each employee listed on the PPP Schedule A Worksheet, Table 1 during the Covered Period or Alternative Payroll Covered Period was at least 75% of such employee's average annual salary or hourly wage between January 1, 2020 and March 31, 2020 select "Yes" from the drop down menu c. Option (2): If calculations have already been made, numbers can be plugged directly into the corresponding fields without the need for the excel sheet. June 4, 2020 Box 2. If the borrower received its ppp loan proceeds on monday, april 20, and the first day of its You'll need this information to calculate how much forgiveness your business can qualify for. is $15,385, for a 24-week Covered Period, the maximum is $46,154. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Instructions for PPP Schedule A Worksheet . Excel Spreadsheet Template for tracking PPP expenses QuickBooks Guidance for tracking PPP expenses. Click PPP Loan Forgiveness Report. PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals PPP Schedule A Worksheet, Table 2 Totals Non-Cash Compensation Payroll Costs During the Covered Period or the Alternative Payroll Covered Period Compensation to Owners This amount may not be included in PPP Schedule A Worksheet, Table 1 or 2. Post & Schell, P.C.'s Paycheck Protection Program Loan Forgiveness Tool. Learn more about PPP loan forgiveness → Important note about this report. b. Within ten months following the sooner to occur of: (a) the end of the borrower's use of the PPP funds (i.e., the 8 or 24-week period), or (b) December 31, 2020, the borrower must submit the application . Alternative Payroll Covered Period: • Businesses that have a biweekly (or more frequent) payroll schedule may choose an Alternative Payroll Covered Period instead of the Covered Period. Instructions. We recommend all borrowers consult with their bank, legal, financial, and business . Keep in mind that there are changes coming in the pipeline, such as instead of an 8-week PPP period that is proposed, to change from 16 to 24 weeks. Excel Spreadsheet Template for tracking PPP expenses 2. 24 weeks the $46,153.68 will need to be reduced Clients should rerun payroll reports just prior to submitting . Note: If you're self-employed, you can save time applying for PPP forgiveness with the new EZ Form. The PPP Schedule A Worksheet; PPP Borrower Demographic Information Form (optional) . Download Spending Tracker Please note there is a sample tab and a tab for your use. Example -Sam works 25 hours per week Ad the most *if the average annual salary or hourly wage for each employee on Schedule A worksheet, Table 1 during the Covered Period was at least 75% of such employee's average annual salary or hourly wage for the most recent full quarter before the Covered Period--- please enter a zero here. 4 Or the date you submit the forgiveness request if you submit before the end of the 24-week Covered Period. June 15, 2020 PPP Spending Tracker SEK has created an Excel template for your use in tracking expenses related to the PPP loan. There was no change to the formula for any non-owner employees that the company may have. Calculate potential forgiveness amounts. If there is more than one individual included, attach a separate table that lists the names of and payments to . This is from PPP Schedule A Worksheet, table 1. Updated 6/25/2020. 3) Get the 8-week (or 24-week) $ value of the reduction (Multiply Step 3c2 by 8) This is the estimated pay reduction for this employee, which may result in a reduction to your forgiveness amount. FREE PPP Loan Forgiveness Ver 1.4 (Blank for your use) 2. The sample ppp loan application, schedule a worksheet, may be helpful here. *if the average annual salary or hourly wage for each employee on Schedule A worksheet, Table 1 during the Covered Period was at least 75% of such employee's average annual salary or hourly wage for the most recent full quarter before the Covered Period--- please enter a zero here. calculating FTE reductions. PPP Schedule A Worksheet, Table 2 Totals PPP Schedule A Worksheet, Table 1 Totals Non-Cash Compensation Payroll Costs During the Covered Period or the Alternative Payroll Covered Period 0 1.0 $50,000.00 5.0 $0.00 $1,500.00 $2,000.00 $1,000.00 $56,500.00 1.0 5.0 1.0 $2,000.00 $0.00 SBA Form 3508 (06/20) Divide . An employee working 40 hours or more will be 1.0 FTE. Table Instructions . When calculating the FTE Reduction Exceptions in Table 1 of the PPP Schedule A Worksheet on the Loan Forgiveness Application, do borrowers include employees who made more than $100,000 in 2019 (those listed in Table 2 of the PPP Schedule A Worksheet)? Click here to download our Example PPP Loan Forgiveness Spreadsheet, as mentioned in the May . If you were assigned a PPP loan number on or before June 5, 2020, you now have the option of taking 24 weeks to spend the funds instead of eight weeks. Enter the amount from line 3 of PPP Schedule A on line 5 of the Loan Forgiveness Application Form. Line 12: Modified total (line 10 X line 11) Line 13: PPP loan amount. Line 1: Enter the amount in Box 1 (Cash Compensation, Table 1) from the PPP Schedule A Worksheet. Line 13. If this has changed since 2019, select the frequency you were using during the 8-week forgiveness period. To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). Schedule a (p 6) 1. PPP Schedule A Worksheet has Table 1 and Table 2 which asks for employee name, employee identifier, cash compensation, average FTE, and salary . Choose between an 8 week or 24 week covered period duration for this report, and click View Report. This guide is being provided to assist you in the completion of your PPP forgiveness application. Of you received your loan prior to June 5th, 2020 you can use . There is a new question on the main calculator tab asking if the company has been unable to return to prior operating levels due to health restrictions, if yes, then the FTE calculation reverts to 100%. Here's how to fill out the simplified SBA Form 3508EZ.For loan amounts less than $150,000, you can use the new Form 3508S.. On May 18, the SBA released the official form you'll need to fill out in order to apply for forgiveness on your PPP loan, also known as SBA Form 3508. Instructions for PPP Schedule A Worksheet . Choose the Schedule A tables that match the forgiveness period you have selected, either 8-week or 24-week. 8- or 24-week period that starts with the first day of the pay period after the loan disbursement date Again, if you received your loan before June 5, you can choose between using an 8- or a 24-week period. 2) Get the 1-week $ value of the reduction (Multiply Step 3b by Step 3c1) $18.75. . Total of 5 months. Here are our takeaways for churches, Christian schools, and nonprofits. Fill out and Upload Excel Worksheet based using instructions provided on worksheet. For payroll costs and/or fte calculation, the wages on the employee wage details, worksheet table 1, 2, and summary tabs will be calculated to match the payroll cost and/or fte on the loan period details tab. The first way to calculate FTE is to take the average number of hours paid each week, divide by 40, and round to the nearest tenth. This report runs based on data in OnPay. The goal now is to use PPP funds exclusively on payroll over the 24 weeks. Line 3: Enter the total from Box 3 (Salary/Hourly Wage Reduction) from the PPP Schedule A Worksheet. The bottom line is that, while the PPP forgiveness process still has some details that need to be worked out, we are now gaining more clarity by the day. Enter cash compensation (box 1) from ppp schedule a worksheet, table 1: Complete the ppp schedule a worksheet or obtain an equivalent report from the borrower's payroll system or payroll processor. The easiest way to fill out the Schedule A is to break it up into three sections, which we'll cover. For lines 6 through 9, during the Covered Period or the Alternative Payroll Covered Period: Box 1. by. Remember Line 2 is based on Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1 while Line 5 is Average FTE (Box 5) from PPP Schedule A Worksheet, Table 2. Ppp schedule a worksheet table 1 excel. Please read the instructions in the worksheet which indicate how to use the resources as intended. June 26, 2020 A business, at its election, has either eight weeks or twenty-four weeks to spend the total PPP loan proceeds on payroll costs, mortgage interest, rent, and utilities and only those costs which are well documented will be eligible for forgiveness. Step 4: Record your PPP Loan Amount. **Must use same FTE calculation method as used in PPP Schedule A Worksheet (calculated FTE by dividing hours paid per week by 40 and rounding to nearest tenth OR simplied method allocating 1 FTE to employees working 40+ hours per week or 0.5 FTE to employees working under 40 hours per week Payroll Schedule: Select the frequency of payroll being paid to employees. self-employed farmers or ranchers (i.e., those who report their net farm profit on IRS Form 1040 Schedule F), use IRS Form 1040 Schedule F in lieu of Schedule C above. i. Alternative Covered Period (8 weeks or 24 weeks). 1. of . Enter the date of the first day of the covered period you want forgiven, and the covered period. The SBA released the PPP loan forgiveness application on May 16, 2020. . Line 2 Average FTE from PPP Schedule A Worksheet, Table 1. Part 4: The PPP Borrower Demographic Information Form, an optional survey for PPP borrowers. a. It has been updated on June 15th to reflect recent guideline changes. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. Schedule A Table limits are updated to the max amount permitted whether 8 or 24 weeks are selected on the main tab. The loan forgiveness calculators use available guidance from the Small Business Administration (SBA) and Treasury, along with interpretations of . • Determine if you qualify for EZ form or need to file the Long Form. www.postschell.com PPP Worksheet Table 1: • This tab will track the employee Name, Identifier, Cash Compensation (from the Employee Worksheet Tab) • This requires the input of the number of hours an employee worked during a specific week. Owner/employee compensation is not be included in PPP Schedule A Worksheet, Table 1 or 2. PPP forgiveness calculator - Prior version (5/22/20 - 6/17/20) - Excel. When you run the report, plug in the date range for your coverage period or alternative coverage period. PPP Forgiveness Updated: June 9, 2021 . 8-week period (or now 24-week period under PPPFA) after the loan is made . • Determine if you qualify for EZ form or need to file the Long Form. Download the Information Checklist to Apply for PPP Loan Forgiveness. Eligible borrowers able to receive 2.5are x themonthly payroll amount based Please contact Cray Kaiser for most recent information. 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.. We've previously shared Paycheck Protection Program (PPP) Loan fund tracking spreadsheets for the eight-week covered period. Page . When you run the report, plug in the date range for your coverage period or alternative coverage period. d. UPLOAD Documents. PPP Schedule A (unless submitting a 3508EZ Application) Completed PPP Schedule A and PPP Schedule A Worksheet (or an equivalent report from your payroll system or payroll processor) Payroll Costs: FTEs Documents showing the average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019; OR 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. If you received your PPP loan on or after June 5, 2020, you must use the 24-week (168-day) period beginning on the PPP loan disbursement date. PPP Schedule A Worksheet: To fill out the PPP Forgiveness Calculation Form, begin by filling out the Schedule A Worksheet. may elect instead to use any consecutive 12-week period between February 15, 2019 and February 15, 2020. Format: PDF or Excel only. Line 14: Payroll cost 60% requirement (divide line 1 by 0.60) Arrive at the forgiveness amount. Ppp schedule a worksheet excel 24 weeks. Average FTE: The Treasury defines a full-time employee as an employee who works 40 or more hours per week, so FTE is calculated on a scale of 1.0, with 1.0 being the equivalent of 40 hours . QuickBooks Guidance for tracking PPP expenses Paycheck Protection Program Overview. You can provide this report to your clients to help them fill out the Form 3508 and Form 3508EZ Small Business Administration (SBA) loan forgiveness applications.. For more details about the Paycheck Protection Program, as specified in the CARES Act, see the PPP Borrower . Choose the Schedule A tables that match the forgiveness period you have selected, either 8-week or 24-week. Part 3: The PPP Schedule A Worksheet; and. Step 5: Divide your payroll cost by .75. FTE loan forgiveness calculation #1. How to run the PPP Loan Forgiveness Report. DOWNLOAD THE PPP LOAN FORGIVENESS TEMPLATES. Enter Salary/Hourly Wage Reduction (Box 3) from PPP Schedule A Worksheet, Table 1: If the average annual salary or hourly wage for each employee listed on the PPP Schedule A Worksheet, Table 1 during the Covered Period was at least 75% of such employee's average annual salary or hourly wage for the most recent full quarter before Seasonal employers can also consider: any consecutive 12-week period between February 15, 2019 and February 15, 2020; For each employee, follow the same method that was used to calculate Average FTE on the PPP Schedule A Worksheet. This is from PPP Schedule A Worksheet, table 1. 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. Average FTE: Table 1 PPP Schedule A Worksheet: To fill out the PPP Forgiveness Calculation Form, begin by filling out the Schedule A Worksheet. 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ppp schedule a worksheet excel 24 weeks