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How to Complete Your Schedule A Worksheet. It’s an 11 page PDF that has the three sections. Schedule A worksheet (p 9) 1. GET FREE ACCESS TODAY We developed this tool to help you get laser-focused on your cash flow as it relates to your second draw PPP loan funds. Do not include anyone who does not live in the US, any independent contractors, yourself, or your partners. Please click here for guidance regarding the PPP loan eligibility and forgiveness provisions for those with Schedule C income.. As a reminder, the … Table 1. Enter the annual salary or hourly wage as of February 15, 2020: _____. Please Note •This Presentation is only an introduction to the PPP Forgiveness Application and process. Schedule A instructions (p 5) 3. To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). The application contains three major parts: the Calculation Form, Schedule A, and the Schedule A Worksheet. 1. If that sounds confusing, don’t despair! The template calculates the monthly payment, in cell E2. The Excel report will not include any logo. Remember, accuracy is pivotal when it comes to applying for PPP loan forgiveness. Then divide this by twelve ($58,000 divided by 12 = $4,833). 716 0 obj <> endobj 739 0 obj <>/Filter/FlateDecode/ID[<7F2FC008C614CF4EABF5F531DD286CC8><4C3C9EBF0B2542F6B384474E12E88FA4>]/Index[716 37]/Info 715 0 R/Length 114/Prev 210868/Root 717 0 R/Size 753/Type/XRef/W[1 3 1]>>stream PPP Loan Worksheet Track your expenses to maximize forgiveness on the 2nd draw of your PPP loan during the COVID-19 pandemic in 2021. This schedule is baffling to me. Salary/Hourly Wage Reduction – Step II. Page 9: PPP Schedule A Worksheet. For example, if the Borrower is using a 24-week Covered Period and received its PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period is Sunday, October 4. It may be easiest to begin by looking for a payroll report template online or within Excel. '�h��MF�*�Y!�fjw1� �'q� endstream endobj 717 0 obj <. PPP Schedule A PPP Schedule A Worksheet, Table 1 Totals Line 1. Page 4: PPP Schedule A Worksheet. If you have employees, add their payroll amount from Schedule C, line 26 to your annual profit. Supporting PPP Schedule A Worksheet “FTE Reduction Safe Harbor 2” Relating to the borrower’s original PPP Loan Application. For payroll costs, the business must outline these in a PPP Schedule A Worksheet and must identify each employee paid during the eight-week period. Worse, it tends to jump around. At least 75% of the PPP funds should be used on payroll. Self-employed individuals without payroll can ignore the worksheet, and proceed to Schedule A on page 6. When you run the report, plug in the date range for your coverage period or alternative coverage period. The … (screen shot on next page) • To make edits on this worksheet, export to XLSX or … 3. www.postschell.com Hypothetical Situation • For the purposes of this presentation, the following was … b. PPP loan and forgiveness calculations and eligibility may vary. If you’ve received and exhausted a previous first-time PPP loan, you may now qualify for a second draw PPP. Schedule C Form 1040). The row with the latest payment is highlighted, so it's easy to see where you are in the schedule. Author: Harmony Kolling, CPA. There are 3 main sections on this page: 1. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. How to calculate your PPP loan amount if you are in a partnership. h�b```�����@��Y8fL�9���"ADK.�a��&$g����/m�1�MP�c�Q)W�v�֢oW7~ѐݑ�������]��4|�Ь��s���X���0�Ttt00� � �� ����,�� ��v��7�2ncYϢ�|�����y�>��1�=3�`�fptg��������@_�h��� �f��b� �0�E��f0A�b��P�z&&T?y10�`��d���~�B����-�b������hf2�4�o��'���+��-�ۦg'�q_׍X4��G�`����Q��� @�>LAQ�����5˪�u�� I'g���_���p����M�ɢ��.�J! The worksheet will divide that figure by 12 to … If that sounds confusing, don’t despair! Enter $4,833 here. If you run payroll manually, you might create a payroll report in Excel. Navigate to the Schedule A Worksheet at the top of the page. Application instructions (pp 1 & 2) 2. Table 1. 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. Do not include anyone who does not live in the US, any independent contractors, yourself, or your partners. endobj 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 … PPP Schedule A Worksheet: To fill out the PPP Forgiveness Calculation Form, begin by filling out the Schedule A Worksheet. The SBA recently released the PPP loan forgiveness application. Choose the Schedule A tables that match the forgiveness period you have selected, either 8-week or 24-week. 30. Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1, including the “Salary/Hourly Wage Reduction” calculation, if necessary. Complete all information on Employee Worksheet. The uses listed above are ones that may be covered by loan forgiveness and are not the only allowable uses of a PPP loan. Please note that this site's privacy policy and security practices may differ from Midland States Bank's. Determine if the Salary/Hourly Wage Reduction Safe Harbor is met. Launch the PPP Forgiveness module.. 2. Table 1. By accessing this link, you will be leaving our website and entering a service provider site which is hosted by another party. Line 1. Creating a PPP payroll report in Excel. 1164 0 obj PPP Schedule A Worksheet or its equivalent and the following: a. The application contains three major parts: the Calculation Form, Schedule A, and the Schedule A Worksheet. ... PPP schedule and worksheet, and more to help you apply. Enter Salary/Hourly Wage Reduction (Box 3) from PPP Schedule A Worksheet, Table 1: CARES Act - Paycheck Protection Program Loan Forgiveness Spreadsheet . PPP Schedule A Worksheet and the following: Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1, including the Salary/Hourly Wage Reduction calculation, if necessary. 2019 $100,000 Validation.. 3. Page 3: This is the Calculation Form. Just type in PPP loan forgiveness application. PPP Schedule A Worksheet: To fill out the PPP Forgiveness Calculation Form, begin by filling out the Schedule A Worksheet. The PPP loan forgiveness application is long, dense, and written in legalese. %%EOF Navigate to the Schedule A Worksheet at the top of the page. The Sample PPP Loan Application, Schedule A worksheet, may be helpful here. Launch the PPP Forgiveness module.. 2. PPP Schedule A Worksheet has Table 1 and Table 2 which asks for employee name, employee identifier, cash compensation, average FTE, and salary/hourly wage reduction. List every single employee on your payroll during the 8-week Covered Period (or the Alternative Payroll Covered Period). Some items to note: Schedule C filers who were in business as of 2/15/2020, with SE income are eligible for a PPP loan if their principle place of residence is the U.S. and they have filed or will file a 2019 Form 1040 with a Schedule C. The information in this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program (PPP), including guidance issued by the U.S. Small Business Administration (SBA) on August 11, 2020.We will periodically update this information, so please check back often and consider bookmarking this page. PPP Schedule A Worksheet has Table 1 and Table 2 which asks for employee name, employee identifier, cash compensation, average FTE, and salary/hourly wage reduction. Your compensation comes in on Line 9. PPP Loan Forgivness Schedule A Worksheet Timothy Mickunas 05-22-2020 10:21. List every single employee on your payroll during the 8-week Covered Period (or the Alternative Payroll Covered Period). PPP SCHEDULE A WORKSHEET. If no Salary/Hourly wage reductions, review EZ Form instructions to see if you qualify. 1. For example, a PPP loan could be used to cover payroll and a percentage of other qualifying expenses. PPP Schedule A Worksheet is not required to be submitted to the lender; however, we think it is prudent to use this worksheet to work through both the FTE calculation and Wage Reduction calculation. Do not include anyone who does not live in the US, any independent contractors, yourself, or your partners. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. This schedule is baffling to me. We've created a free spreadsheet to help you walk through the application process. Salary/Hourly Wage Reduction If the borrower applies for forgiveness before the end of the covered period, it must account for the salary reduction for the full 8-or 24-week covered period. 8 CARES PPP Loan Forgiveness Report (Client) Here is an example of the PDF version of the Schedule A: Once your selections are made: 1. is equal to or greater than 2.a., skip to Step 3. How to Complete the PPP Loan Forgiveness Application. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Here, you will identify any employees that received compensation at an annualized rate of more than $100,000 for any pay period in 2019. Refer to the SBA.gov for information about your particular situation. Self-employed individuals without payroll can ignore the worksheet, and proceed to Schedule A on page 6. DO NOT include anyone who does not live in the United States, any independent contractors, yourself, or your partners. Instructions for PPP Schedule A Worksheet . These sample engagement letters are to be used when performing PPP loan application or forgiveness consulting engagements. Table 1. •Schedule A & Worksheet •Application for Forgiveness This Presentation Will Not •Go over detailed calculations •Review every line of every form, schedule and worksheet •Give specific advice for your business. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. Compliance COVID-19 We can help you tackle business challenges like these Contact us today * This content is for educational purposes only, is not intended … Choose the Schedule A tables that match the forgiveness period you have selected, either 8-week or 24-week. See examples in IFR –Pg. PPP Schedule A; The PPP Schedule A Worksheet The (optional) PPP Borrower Demographic Information Form It also explains that all Borrowers must submit (1) and (2) to their Lender. PPP Schedule A Worksheet ... example, if you received a PPP loan in the amount of $150,000; however, you only used $100,000 for Payroll Costs, the maximum amount of loan forgiveness would be $133,333.33 ($100,000 divided by .75). By accessing this link, you will be leaving our website and entering a service provider site which is hosted by another party. In this Excel loan payment schedule template, enter your loan information at the top of the worksheet, in the green cells. Total Payroll Costs . 0 To first complete your $100,000 validation, click 1. Next it includes instructions on how to fill out their Calculation Form, which is on Page 3. Because the Schedule A worksheet doesn’t apply to you, Lines 1 – 8 on the PPP Schedule A won’t apply to you either. In no event may the Covered Period extend beyond December 31, 2020. Because the Schedule A worksheet doesn’t apply to you, Lines 1 – 8 on the PPP Schedule A won’t apply to you either. 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