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