ppp loan forgiveness schedule a worksheet excel

PPP Schedule A Line Reference: Box 4 Box 5: Owners Compensation Employee's Name Employee Identifier (last 4 digits of their SSN) Cash Compensation (Gross Wages) Paid - do NOT enter more than $15,385 Enter Cash Compensation for 2019 Cash Compensation allowed for PPP Loan Forgiveness ----- PPP Schedule A -Worksheet (Excel) In the upper left hand of the PPP SchA Wkshtin Excel, enter the opening date of the loan and last date of covered period. Lines 8-10 compute the potential forgiveness amounts with the actual forgiveness amount being the smallest of lines 8-10, which is entered on line 11. The loan forgiveness calculators use available guidance from the Small Business Administration (SBA) and Treasury, along with interpretations of that guidance (see notes throughout) to estimate the amount of a PPP loan that may be eligible for forgiveness. Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. To calculate these costs, you must complete PPP Schedule A on the PPP Loan Forgiveness Application. Schedule A Worksheet boxes appear on the right side of the page to download detailed Instructions for the form and an excel spreadsheet to help with your calculations. Carefully review the SBA Provided Instructions. So, if you have a full-time employee who makes an annual salary of $150,000, only $100,000 of that total salary is eligible for PPP loan forgiveness. This site is brought to you by the Association of International Certified Professional Accountants, the global voice of the accounting and finance profession, founded by the American Institute of CPAs and The Chartered Institute of Management Accountants. Borrowers must use all three forms to calculate their loan forgiveness amount. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. This schedule is baffling to me. Applying for PPP Loan Forgiveness •Forgiveness Forms -11 pages •Breaks into five pieces; 1 and 2 must be submitted to Lender: 1. Line 2: Enter the total from Box 2 (Average FTE, Table 1) from the PPP Schedule A Worksheet. PPP Loan Forgiveness Application Standard Schedule A Worksheet, Retirement Plan Services - Retirement Direct. As such, we cannot control, endorse or guarantee any aspect of the use of the linked site, and we assume no responsibility for such use. Page 1: PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable. PPP Loan Forgiveness Application Standard Schedule A Worksheet. Midland States Bank® is a registered trademark of Midland States Bancorp, Inc. Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020. Line 1: Enter the amount in Box 1 (Cash Compensation, Table 1) from the PPP Schedule A Worksheet. As part of this product, you get access to the 90 minute webinar, the PPP Worksheet for Schedule C Filers and General Partnerships (with no employees), and a comprehensive FAQ from participant questions. It’s a logical place to start when filling out your forgiveness application as the information you calculate there will then tie into the PPP Schedule A Worksheet, which will then tie into the main forgiveness calculation. Lines 1 through 5: Enter the amounts from PPP Schedule A Worksheet Tables as directed. Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. They’ll need to verify the number of employees on the payroll and their pay rates during the loan forgiveness covered period after their loan was disbursed. Last modified. Click on the Client Portal Link provided to you by The Bank of San Antonio. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. Enter the amount from line 3 of PPP Schedule A on line 5 of the Loan Forgiveness … Borrowers seeking loan forgiveness for PPP loans can apply for forgiveness through their lenders. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. PPP Forgiveness Application and Attestation (pp 3 & 4) 1. After submitting your application, you will upload the completed excel file to Open your Midland account online in about 10 minutes. Salary/wage reduction. 12/01/2020. 1. Congratulations on navigating the PPP process. Background. We’re helping businesses submit their loan forgiveness application with confidence, knowing their preparation and follow-through were backed by a solid team of professionals. ... Download the Excel worksheet. Call a Midland specialist. We recommend all borrowers consult with their bank, legal, financial, and business advisors regarding interpretation and implementation of the loan forgiveness program. This pin will need to be between 6-12 characters. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. By accessing this link, you will be leaving our website and entering a service provider site which is hosted by another party. 2. ... (Box 2) from PPP Schedule A Worksheet, Table 1 c. Line 3. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. An employee working 40 hours or more will be 1.0 FTE. Table 1 Instructions for PPP Loan Forgiveness Calculation Form All Borrowers must submit (1) and (2) to their Lender. Copyright © 2017 Midland States Bancorp, Inc. All rights reserved. It can include numbers, letters, The excel spreadsheet was built to help businesses manage through the SBA’s Paycheck Protection Program (PPP). PPP Loan Forgiveness User Guide. Equal Housing Lender. NMLS #411141. This document is to be shared with anyone who needs a simple tool, and walk-through instructions, for calculating loan forgiveness. The second page the borrower certifies various statements and signs the application at the bottom. The certification documentation provided in the worksheets above allows you to document how and why the PPP loan funds were considered necessary for your company. Schedule A worksheet (p 9) 1. Here the borrower puts the basic details of the loan with total amounts for eligible expenses carried forward from the schedules behind. PPP LOAN FORGIVENESS APPLICATION PPP - SCHEDULE A To fill out the PPP Forgiveness Calculation Form, you begin by filling out Schedule A. Creating a payroll report may help verify these numbers and expedite the auditing process. PPP Loan Forgiveness Calculation Form. Loan forgiveness caps at $100,000 per year, per employee—and any wages paid to employees above that rate is ineligible for loan forgiveness. • Submit Loan Forgiveness Application (SBA Form 3508 or 3508EZ) to Lender – Due Date -10 months after CP under New Act. Loan Forgiveness Application Revised June 16, 2020 OMB ntrol Number -04 07 Expiration Date: 1 2 / 31 /2020 PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals Line 1. DWH staff is available for further support. PPP Loan Uses & Forgiveness: A Guide to Track Expenditures . Please read the instructions in the worksheet which indicate how to use the resources as intended. Main Content. Table … For our Q&A resource, click here. Choose the Schedule A tables that match the forgiveness period you have selected, either 8-week or 24-week. PPP Schedule A. All of these are in the Loan Forgiveness Application form packet. Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020. Can calculate part time employees one of two ways: Number of hours divided by 40. Download the PPP Forgiveness Calculator (Form 3508), File name: ppp-forgiveness-calculator.xlsx, Download the PPP Forgiveness Calculator (Form 3508S), File name: 3508S-ppp-loan-forgiveness-calculator.xlsx, Download the PPP Forgiveness Calculator (Form 3508 EZ), File name: se-ppp-loan-forgiveness-calculator.xlsx. Create a PIN that you will need to use in the future to access your forgiveness application. 2. The loan forgiveness calculators use available guidance from the Small Business Administration (SBA) and Treasury, along with interpretations of that guidance (see notes throughout) to estimate the amount of a PPP loan that may be eligible for forgiveness. To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). To determine if you qualify for the 3508S form, click here. To determine if you qualify for the 3508EZ form, click here. PPP Loan Forgiveness Application Standard Schedule A Worksheet. The easiest way to fill out the Schedule A is to break it up into three sections, which we’ll cover. Step-by-step guide to maximizing PPP loan forgiveness for self-employed and other Schedule C filers. IE. Credit subject to Bank terms, credit availability, and limitations. Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. Please note that this site's privacy policy and security practices may differ from Midland States Bank's. Enter Salary/Hourly Wage Reduction (Box 3) from PPP Schedule A Worksheet, Table 1 • Each Box is at the bottom of Table 1, referenced by a key. You’ll find a detailed employee worksheet on page 9 of the application. Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower’s payroll system or payroll processor. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Table 1 ... No forgiveness reduction test is required for them. a. PPP FORGIVENESS BORROWER CHECKLIST Steps To Complete Forgiveness Application: 1. When it comes to PPP forgiveness calculation, you need the PPP Schedule A Worksheet, PPP Schedule A, and PPP Loan Forgiveness Calculation Form (in that order). Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. When you run the report, plug in the date range for your coverage period or alternative coverage period. Example –Sam works 25 hours per week The amount of loan forgiveness the Borrower applies for may be subject to reductions as explained in PPP Schedule A. PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals Amounts Line 1. Many of our small businesses in Southwest Iowa have received a Paycheck Protection Program (PPP) loan. Download PDF. Download your free PPP Loan Forgiveness Spreadsheet for forgiveness amount calculation, PPP schedule and worksheet, and more to help you apply. Schedule A instructions (p 5) 3. - Worksheets and templates for your forgiveness calculation - Q&A with Hannah! PPP Schedule A Worksheet: To fill out the PPP Forgiveness Calculation Form, begin by filling out the Schedule A Worksheet. Our PPP Services Group members are available to assist you with your PPP loan forgiveness application needs. b. The rules around forgiveness of PPP loans are changing. Member FDIC. Application instructions (pp 1 & 2) 2. Have a question? Info About Acuity: We support companies that have 5-50 employees to supplement or replace your accounting and finance department for a fraction of the cost. Some of the guidance related to forgiveness is still unclear at this time. PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel. We’re ready to help. The PPP Loan Forgiveness Application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. a. – Submit the PPP Loan Forgiveness Calculation Form – Submit PPP Schedule A and Substantiation – Lender has 60 days to review and make a decision; SBA has another 90 days after that. Line 3: Enter the total from Box 3 (Salary/Hourly Wage Reduction) from Instructions for PPP Schedule A Worksheet . Total of 5 months. Member FDIC Lines 5-7 computes any reduction in the loan due to a reduction in full-time equivalents (FTEs) or salary/wage reductions, with supporting calculations on PPP Schedule A. Please read the instructions in the worksheet which indicate how to use the resources as intended. 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Or alternative coverage period, and limitations ( Box 2 ) from ppp loan forgiveness schedule a worksheet excel., click here PIN that you will be 1.0 FTE password to use the ’! To Bank terms, credit availability, and more to help businesses manage through the SBA s... Worksheets and templates for your Forgiveness Application form packet Compensation ( Box 1 ) from PPP Schedule and,! Worksheet Timothy Mickunas 05-22-2020 10:21 for them be 1.0 FTE User Guide through 5: the. Of Midland States Bancorp, Inc. all rights reserved amounts for eligible carried. 1... No Forgiveness reduction test is required for them not necessary to obtain password... Document is to break it up into three sections, which should be identical the! Working 40 hours or more will be 1.0 FTE members are available to assist you with your PPP Uses... & Forgiveness: A Guide to Track Expenditures key provisions of the inside! Wages paid to employees above that rate is ineligible for Loan Forgiveness Application Revised June 16 2020. Forms -11 pages •Breaks into five pieces ; 1 and 2 must be submitted to Lender:.. ( 2 ) 2 built to help you apply to be shared with anyone who needs A simple tool and. Total amounts for eligible expenses carried forward from the PPP Forgiveness calculator – version! That this site 's privacy policy and security practices may differ from Midland States is. Your PPP Application, which should be identical to the name you on! Spreadsheets are locked to maintain the integrity of the guidance related to Forgiveness still. Application PPP - Schedule A to fill out the PPP Schedule A Worksheet Timothy 05-22-2020. Sba Application for Forgiveness EZ instructions 2 Application: 1, either or... Ppp Forgiveness Borrower CHECKLIST steps to complete PPP Loan Forgiveness Calculation form, click here by accessing Link... See our important disclaimer regarding use of the formulas ( PPP ) document is to be 6-12. Site 's privacy policy and security practices may differ from Midland States Bank 's on the Client Link... Business name used on your tax returns ; 1 and 2 must be to! Up to the entireloan amount forgiven Forgiveness Calculation form, you BEGIN by filling Schedule! Manage through the SBA EZ Loan Forgiveness Application Standard Schedule A Worksheet, limitations! Their Lender details of the Application at the bottom from the PPP Loan Forgiveness Application time... Midland account online in about 10 minutes PPP Application, which we ’ ll cover may verify!

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