Ppp schedule a worksheet example

ppp schedule a worksheet example From here, we’ll jump down on the form to Page 4. or after, we will need Form 941 for Quarter 3, as well. The Application includes an optional demographic information form. There are 3 Parts of the PPP Schedule A Worksheet: 20. Jun 22, 2020 · The loan application consists of three pages and does not include the PPP Schedule A form and Schedule A worksheet; it only includes the following: PPP Loan Forgiveness Calculation form, similar to the standard PPP forgiveness calculation form, but omits the section for Adjustments for FTE and Salary/Hourly Wage Reductions May 19, 2020 · SBA Form 3508 consists of four components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A (for calculating the overall amounts to be entered in the PPP Loan Forgiveness Calculation Form); (3) the PPP Schedule A Worksheet (for the detailed calculations and information to be populated in PPP Schedule A); and (4) the (optional To generate this report, from the main navigation menu go to Reports > Custom Reports > Sample Reports > 2020 CARES SBA – PPP: Loan Forgiveness FTEE Reduction Safe Harbor. You must calculate wages, wage reductions, and work hour reductions separately for each employee, and compare those results to several measurement dates and periods. An hourly employee’s hourly wage was reduced from $20 per hour to $15 per hour Please note that completing the Schedule A Worksheet before beginning is crucial to your success. This tool has been prepared using the CARES Act, the SBAs Paycheck Protection Program Loan Forgiveness Application, the PPP Flexibility Act of 2020, as well as any other relevant guidance available as of July 7, 2020. 27 May 2020 How to Complete the PPP Schedule A Worksheet. We’ve provided a useful spreadsheet below to do just this. Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 2; specifically, that each listed employee received during any single pay period in 2019 compensation at an annualized rate of more than $100,000. e. Oct 22, 2020 · The borrower would enter on the PPP Schedule A Worksheet, Table 1, $400 as the salary/hourly wage reduction in the column above box 3 for that employee. Group Health Insurance and Retirement Benefits. Our PPP Services Group members are available to assist you with your PPP loan forgiveness application needs. the full 3508 form, complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase. Line 7: Enter the number from PPP Schedule A, line 13. Application The PPP Schedule A Worksheet. Payroll Schedule: Select the box that corresponds to your payroll schedule. If using the 8-week Covered Period, eligible individual salaries are capped at $15,385. Store Sales $1. 666666666668. • This applies to PPP loans originated on or after 6/5/20. PPP Schedule A – Summary Information for FTE and Wage/Salary Reductions 3. Choose the Schedule A tables that match the forgiveness period you have selected, either 8-week or 24-week. PPP loans originated before 6/5/20 have a 2-year maturity unless the parties mutually agree to modify the loan to incorporate a 5-year maturity. Disclaimer:. The borrower would enter on the PPP Schedule A Worksheet, Table 1, $400 as the salary/hourly wage reduction in the column above box 3 for that employee. Line 3. 5) because FTE can Nov 12, 2020 · A: Yes, you can use all of the loan proceeds for “payroll costs,” as defined in the PPP. 9 should not be included in PPP Schedule A Worksheet, in either Table 1 or 2. From the worksheet, Box 3. Oct 09, 2020 · Page 3: Schedule A. • Begin to gather substantiation needed now. By Bill Cunningham. Notes. The forgiveness application consists of four components, each with associated instructions: Owner compensation replacement, the payroll cost amount for the individual with self-employment income, will be calculated based on eight weeks (8/52) of your 2019 net profit, as reported on 2019 Form 1040 Schedule C, line 31. Jun 16, 2020 · wage reductions in excess of 25% for certain employees as described in PPP Schedule A. 16 May 2020 PPP Schedule A Worksheet or its equivalent and the following: a. As an added benefit, your loan could be forgiven if you use the money to pay for certain business expenses in a specific way. Determine applicable payroll covered period 2. borrowed a $100,000 PPP loan on April 10, 2020,  19 May 2020 Contact a K·Coe advisor with questions regarding the PPP. Enter 1. by the SBA in the Schedule A Worksheet for the section that follows. Example: a salaried employee earning $1,000/wk. Do not type in the loan payment schedule. PPP Schedule A Worksheet with documentation of each employee including salary/wage reductions Table 1 & Table 2, documentation of rehire refusals, firings, resignations, reductions PPP Schedule A Instructions PPP Schedule A Worksheets PPP Loan Forgiveness Calculation Form PPP Schedule A CERTIFICATION (page 4) PPP Schedule A Worksheets (page 3) (page 6) (page 9) (pages 1-2) (page 5) (pages 7-8) Documents Required (page 10) Demographic Information Jun 17, 2020 · a biweekly (or more frequent) payroll schedule may elect to calculate eligible payroll costs using (1) the 24- week (168-day) period or (2) for loans received before 6/5/2020 at the election of the borrower, the 8- week (56-day) period that begins on the first day of their first pay period following their PPP Loan Disbursement Date. If you are looking for more information about how to complete the PPP Loan Forgiveness application, this video will go through all of the important terms you May 20, 2020 · FTE reduction calculation on PPP Schedule A, Line 11. May 18, 2020 · Borrower then fills out PPP Schedule A using information from the Worksheet as well as including the non-cash compensation payroll costs of 1) employer contributions for employee health insurance, 2) employer contributions to employee retirement plans, and 3) employer state and local taxes assessed on employee compensation for the Covered The PPP forgiveness process is daunting. Salary/Wage Reduction The amount of loan forgiveness you receive may be reduced, depending on whether Jul 14, 2020 · PPP SCHEDULE A WORKSHEET—3508 Long Form Sample Data Table 1 Table 2. FTE Count is the average FTEs from the selected reference period Please review . Add More Rows Jul 21, 2020 · Example: If a hair salon received its PPP loan proceeds on Monday, June 8, and the first day of its first pay period following its PPP loan disbursement is Sunday, June 14, the first day of the *For purposes of this example, will assume no retirement contributions and no state and local taxes assessed on employee compensation. This quotient will be reported on line PPP Schedule A, Line 13. Loan. And we want to ease some of the burden, stress, and uncertainty. You will need to complete Schedule A first to get the figures you need, which we will find by starting on the Schedule A Worksheet First. PPP Loan Forgiveness Application Form – Revised June 16, 2020 For example, if you received PPP loan proceeds on Monday, April 20, the first day of the the listing of each individual employee in PPP Schedule A Worksheet Table 1,  Sample documents. The easiest way to fill out the Schedule A is to break it up into three sections, which we’ll cover. The Loan Forgiveness Calculator uses available guidance from the Small Business Administration 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. EXAMPLES The store sales and 33% payroll cost are being used as an example only. Today’s atmosphere for small businesses is a challenging one. You may want to rush through filling out the worksheet since SBA lenders are accepting applications on a first-come, first-serve basis. Refer to the Loan Forgiveness Application for more examples. Forgiveness Calc. 1b. PPP Schedule A Worksheet with documentation of each employee including salary/wage reductions Table 1 & Table 2, documentation of rehire refusals, firings, resignations, reductions in work hours 2. Then there is the FTE number for February 15,2020. Instructions for PPP Schedule A Worksheet Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower’s payroll system or payroll processor. Do not include any independent contractors, owner-employees, self-employed individuals, or partners. 66666666663 Jun 22, 2020 · The loan application consists of three pages and does not include the PPP Schedule A form and Schedule A worksheet; it only includes the following: PPP Loan Forgiveness Calculation form, similar to the standard PPP forgiveness calculation form, but omits the section for Adjustments for FTE and Salary/Hourly Wage Reductions May 16, 2020 · The PPP Schedule A Worksheet or its equivalent and documentation supporting the list of employees on the Schedule A worksheets for total cash compensation and cash compensation in excess of $100,000 during 2019. The listing of each individual employee in PPP Schedule A Worksheet Table 2; specifically, that each listed employee received during any single pay period in 2019 compensation at an annualized 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. The listing of each individual employee in PPP Schedule A Worksheet Table 1, including the “Salary/Hourly Wage Reduction” calculation, if necessary. PPP Schedule A Worksheet Jun 01, 2020 · A Worksheet Page 6: PPP Schedule A 1. Line 13: Divide line 12 by line 11 (or enter 1. Example 2, Loan Forgiveness Reduction FAQs, Q4. According to the Journal of Accountancy, the PPP has funded Read more » Oct 29, 2020 · How To Complete SBA Form 3508S for PPP Loans Under $50,000. This calculation incorporates the loan forgiveness reduction 20. Includes wage information for following time periods: i. The listing of each individual employee in PPP Schedule A Worksheet Table 2; specifically, that each listed employee received during any single pay period in 2019 compensation at an annualized Aug 18, 2020 · For Schedule C filers, your maximum PPP loan amount equals 2. Forgiveness Recommendations The following four broad recommendations are provided to encourage a consistent and efficient approach to loan forgiveness that aligns with borrower operations and the intent of the PPP 1. Line 3: Enter the total from Box 3 (Salary/Hourly Wage Reduction) from the PPP Schedule A Worksheet. The information provided in this blog does not constitute legal, tax or accounting advice, but is designed to provide a current understanding of the Paycheck Protection Program forgiveness application. of expenses must have been deducted on the 2019 Form 1040 Schedule C to be eligible for forgiveness. Begin completing Schedule A with Table 1 and Table 2 information 7. If a PPP PPP Loan Forgiveness Schedule A Worksheet -. 200000 16666. 66666666663. Example –Sam works 25 hours per week Tips for Completing the PPP Schedule A. Line 12: Add lines 2 and 5. • The FAQ for PPP Loan Forgiveness can be found here . Scan and save your supporting documentation and worksheets as PDFs. Line 2: Enter the total from Box 2 (Average FTE, Table 1) from the PPP Schedule A Worksheet. 00 2/22/2019 4. The PPP Schedule A Worksheet; The (optional) PPP Borrower Demographic Information Form. 383541. SBA/Treasury subsequently set a uniform 5-year maturity. PPP Schedule A Worksheet. The maximum loan amount is based on a business’s average monthly payroll cost (931s and/or line 31 of Schedule C Form 1040). So, for example, instead of having to pay back a $100,000 loan plus interest, you wouldn’t owe a dime. Presented by Seth Perretta. Please Note . form 941) and state quarterly If you have completed the PPP Schedule A Worksheet, we suggest you provide it For example, a PT employee working 32 hours would count as 0. If calculations have already been made using a third-party payroll provider or other methods, numbers can be typed directly into the corresponding fields on Schedule A without the need for the Excel worksheet. Note: PPP forgiveness rules have not been published by SBA yet, this is only meant to be a basic illustration. 5 (20 hours paid each week / 40 = 0. To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). May 17, 2020 · The four parts of the application are: (1) the Loan Forgiveness Calculation Form, (2) PPP Schedule A, (3) the Schedule A Worksheet and (4) the optional Borrower Demographic Information Form. 50000 4166. You see here that there are two pools of employees. For this example, the first payment was made on January 1st, 2018, and the last payment will be made on December 1, 2020. May 26, 2020 · Payments to these individuals are permitted uses and can be included in the forgiveness amount as “Compensation to Owners” using PPP Schedule A. True in our example so we will go to step 4. Reductions in employee salary or hourly wage:-See the last 2 pages of the FAQ for 3 examples. Then complete Table 2 for employees paid >$100K in 2019 Finally, complete steps 1 -5 of the FTE Reduction Safe Harbor May 16, 2020 · On May 15, 2020, the SBA released a PPP Loan Forgiveness Application form. This schedule is baffling to me. Bank account statements and payroll tax forms (e. If this amount is less than zero, enter a zero. You’ll need the answers from the Schedule A Worksheet. 1500000 125000. This new guidance provides some additional clarifications and examples, not part of the 11-page application or its instructions, and provides much of the help borrowers need to Jul 02, 2020 · A182) In calculating FTE reduction exceptions in Table 1 of the PPP Schedule A Worksheet on the Loan Forgiveness Application (SBA Form 3508 or lender equivalent), do borrowers include employees who made more than $100k in 2019 (those listed in Table 2)? Oct 09, 2020 · Here is further explanation sent to me by my bank. If not, use PPP Schedule A to calculate the FTE forgiveness reduction Step 4 Calculate the total FTEs as of June 30, 2020 Step 3 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. Step 1 • Step 1: Print your original PPP Loan Application. Page 1 – PPP Loan Forgiveness Calculation Form • Page 3 – PPP Schedule A • Page 4 – PPP Schedule A Worksheet • TABLE 1 - employees in covered period </= $100K in 2019 • TABLE 2 – employees in covered period > $100K in 2019 • FTE Reduction Safe Harbor 2 • Page 5 – Demographic Info Form (Optional) • PPP Schedule A Worksheet, Table 2 Totals. Otherwise, click the Schedule A Worksheet tab at the top of the screen to complete your Schedule A Worksheet (step-by-step instructions can be found here). Form. “For a PPP loan of any size, SBA may undertake a review at any time in SBA’s discretion. Specifically, Table 1 of the PPP Schedule A Worksheet calls for employee-by-employee information regarding employees who made less than or equal to $100,000 on an annualized basis for all pay periods in 2019 or were not employed by the borrower in 2019. Let them know the May 19, 2020 · You will quickly realize you must complete the PPP Schedule A and the Schedule A Worksheet because information from those pages must be carried over to complete the Form. The (optional) PPP Borrowers Demographic Information Form REDUCTON EXAMPLE –HOURLY PAID EMPLOYEE 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. Notice that these look a lot like the case study tables and information. However, it’s essential to take your time to provide accurate information before filling out your PPP May 18, 2020 · As I mentioned there are three main documents: the application, the PPP Schedule A and the PPP Schedule A worksheet. You can find additional instructions, examples and explanations in the . Must start with Worksheet Schedule A and work back up the Application!!! Sep 02, 2020 · reductions are summarized below and explained in detail in the instructions to the Schedule A Worksheet. Our calculator is designed to map to the form to assist you. The (optional) PPP REDUCTION EXAMPLE – SALARY. Our first pay date was one day after loan receipt paying skeleton crew only, so this answer makes a big difference in making the payroll threshold. From the 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. The forgiveness application consists of four components, each with associated instructions: Complete Schedule A (Form 3508 only) - There are two options for completing Schedule A: a. Then complete Table 2 for employees paid >$100K in 2019 Finally, complete steps 1 -5 of the FTE Reduction Safe Harbor 1. PLEASE NOTE: This spreadsheet is locked to maintain the integrity of the formulas. employees making more than . On the other hand, recognition of FTE caps out at 1. Example. May 18, 2020 · The PPP loan forgiveness application is long, dense, and written in legalese. For lines 6 through 9, during the Covered Period or the Alternative Payroll Covered Period: Jul 13, 2020 · Any documentation which supports the inclusion of each employee on the Schedule A Worksheet, Table 1, including wage reduction calculations, as appropriate. 1. Line 6: Add lines 1 through 4, subtract line 5, enter the total. 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. 5 for employees who work less than 40 PPP Schedule A covers the calculation of payroll costs and FTE reduction quotient. An hourly employee's hourly wage was reduced from $20 per hour to $15 per hour during the Covered Period. ” Oct 16, 2020 · Please be sure to complete the “PPP Schedule A Worksheet”, before you begin the submission, as you must use the information from the worksheet to complete various sections of the application. Our PPP Toolbox is designed to support nonprofit organizations as they navigate the Paycheck Protection Program, from Application, through Loan Management and Reporting, and Forgiveness. So, even if you have salaried employees that work 60 hours a week, they wouldn’t equal 1. 1 KB Download. Line 4: Enter the total from Box 4 (Cash Compensation, Table 2) from the PPP Schedule A Worksheet. Definition does NOT include. • If you are using a payroll service, have them prepare their PPP loan reports for you. Due to caps imposed by Treasury/SBA, the loan amount for such an applicant with no other employees cannot exceed $20,833 (i. This average that is computed for line 11 is then divided by the total of the FTE from Tables 1 and 2 of the PPP Schedule A Worksheets. ) If any changes were made, click Save and  Only borrowers with a biweekly (or more frequent) payroll schedule may choose What is the alternative PPP Loan Forgiveness Application, SBA Form 3508S? Table 1 of the PPP Schedule A Worksheet on the Loan Forgiveness Application (SBA Form 3508 more than $100,000 in 2019 (those listed in Table 2 of the PPP Schedule A Worksheet)? Full time equivalent (FTE) Employee definition? 16, PPP Schedule A Worksheet (page 6 of form). 00 $1,500. For example, if funds were received on Monday, April 27 and the next pay period starts Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1  For example, if funds were received on Monday, April 27 and the next pay period Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1  For example, if the Borrower is using a 24-week Alternative Payroll Covered Instead, it may make sense to skip ahead to the PPP Schedule A Worksheet on  22 May 2020 PPP Loan forgiveness application walk-through step by step on how to fill out the To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you Application - How to Calculate FTE's (UPDATED Template). Congratulations on navigating the PPP process. Begin completing Schedule A regarding NON-cash compensation 6. 4. g. There are four parts to the document: (i) the PPP Loan Forgiveness Calculation Form, (ii) PPP Schedule A, (iii) the PPP Schedule A Worksheet, and (iv) the optional PPP Borrower Demographic Information Form. I have several questions on the PPP loan forgiveness application. iii, for examples. Table 1 The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. Interest payments on any other debt obligations that were incurred before February 15, 2020 (such amounts are not eligible for PPP loan forgiveness). May 22, 2020 · For example, in order to complete Line 1 (“payroll costs”) of the PPP Loan Forgiveness Calculation Form, it is necessary to go to PPP Schedule A, which further directs the borrower to start with Table 1 of the PPP Schedule A Worksheet. 00. A lot of what needs to be filled out here comes from the PPP Schedule A worksheet. Note: The PPP program exempts Borrowers from such reductions if any of three FTE Reduction Safe Harbors apply. Worse, it tends to jump around. 5/12 of 2019 net profit as reported on IRS Form 1040 Schedule C Form 3508 Schedule A Worksheet must be maintained by the borrower but is not required to be submitted with the PPP loan forgiveness application to the lender. Can calculate part time employees one of two ways: Number of hours divided by 40. Treasury) Applying for Loan Forgiveness Mechanics Bank will be using an electronic PPP Loan Forgiveness application, similar to the process you went through when you applied for your PPP loan. At the bottom of Table 1, a line calls for the number of “FTE Reduction Exceptions. PPP Schedule A Worksheet has Table 1 and Table 2 which asks for employee name, employee identifier, cash compensation, average FTE, and salary Unfortunately, this is all you’ll be able to do without completing Schedule A and the Schedule A Worksheet. As self-employed individuals who received a Paycheck Protection Program (PPP) loan look forward to maximizing their loan forgiveness, Jul 02, 2014 · The flip side is if we didn't pay since we couldn't deduct the landlord would claim their own PPP. There are caps on salaries for . Line 8: Enter the amount on line 6 multiplied by the amount on line 7. If your business is using the 24-week Covered Period, eligible individual salaries are capped at $46,154. c, and because annual salary was reduced by more than 25%, the borrower proceeds to Step 2. 21. Form 2. The Worksheet requires the Borrower to list every employee paid during the period, along with the last four digits of May 18, 2020 · The listing of each individual employee in PPP Schedule A Worksheet Table 1, including the Salary/Hourly Wage Reduction calculation; Each individual employee in PPP Schedule A Worksheet Table 2; specifically, that each listed employee received during any single pay period in 2019 compensation at an annualized rate of more than $100,000; Apr 13, 2020 · For example, as discussed below, salary, wage, or headcount reductions may reduce the forgivable amount for some borrowers. PPP Schedule A—3508 Long Form Sample Data. Enter Cash Compensation (Box 4) from PPP Schedule A Worksheet, Table 2: Line 5. In addition to the PPP Loan Forgiveness Calculation Form and Schedule A, the borrower must submit with its application the following documentation: Payroll costs: Documentation verifying eligible cash compensation and non-cash benefit payments for the Covered Period or the Alternative Payroll Covered Period consisting of the following: PPP 3508 Schedule A. 0 1. 00 1. PPP loans are intended to help keep small businesses open and workers employed. May 27, 2020 · The PPP Schedule A is made up of two forms: 1) with a calculation worksheet that walks you through each line and 2) the actual form where you will put your totals. , payroll is This amount is entered in Table 1 of the PPP Schedule A Worksheet. Worksheet. The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP Loan Disbursement Date, or (2) if the Borrower received its PPP loan before June 5, 2020, the Borrower may elect to use an eight-week (56-day) Covered Period. It can be found on Page 4 of Form 3508 . • The Schedule A worksheet and instructions, which are referred to in your application questions in our Loan Portal, can be found here. a, 1. 29 Jun 2020 PPP Loan Forgiveness Calculation Form (top half). File Download. If you paid all of your employees at least 75% of applicable the Borrower must complete line 13 of PPP Schedule A by dividing line 12 by line 11 of that schedule. 333333333333. Last modified. Forgiveness Amount Calculation: You can skip this page for. In this example, bring the following to your lender to apply for loan forgiveness: (A) PPP loan bank reconciliation PPP loan forgiveness calculation for owner compensation replacement: Take the lesser for your net profit or $100,000, divide it by 52 (for the weeks in a year) and multiply by eight (for the eight weeks of income). Table 1 is for employees who make less than or equal to an annualized $100k. Bangor Savings Bank has implemented an online application tool to expedite the Paycheck Protection Program (PPP) forgiveness process. Complete Table 2 5. The rest of the lines include data that is calculated on Schedule A. 9). Excel Spreadsheet Template for tracking PPP expenses 2. • Determine if you qualify for EZ form or need to file the Long Form. The As an initial matter, you will need to complete the PPP Application Form and Schedule A. 7010 – Paycheck Protection Program Flexibility Act of 2020. 3, see link at footnote 1). PPP Loan. forgiveness reduction amount of $400. 1a. Attach your required supporting documentation using the yellow paper Then, add up each employee’s FTEs for Table 1 and Table 2. boxes to help you complete the application. Remember, if reductions in compensation were more than 75%, there will be a reduction in forgiveness. Confidential Continuing our example from before… Assume that was used to calculate Average FTE in the PPP Schedule A Worksheet Tables. PPP Loan Forgiveness Calculation Form 2. Example: If the loan is disbursed on April 20 and the first day of the borrower's first pay period  Definition. Alternative Payroll Covered Period: For administrative convenience, Borrowers with a biweekly (or more frequent) payroll ii. Jun 23, 2020 · Line 1: Enter the amount in Box 1 (Cash Compensation, Table 1) from the PPP Schedule A Worksheet. See Slide #14 - PPP Schedule A Looking for definitive guidance on cash vs accrual basis - i. This is the third component of the PPP Forgiveness Application, but should ideally be completed before the second component. Next, we will discuss where we information to complete this worksheet. 5). [2] For each individual employee, the total amount of cash compensation eligible for PPP loan forgiveness may not exceed an annual salary of $100,000, as prorated for the covered period. May 18, 2020 · The draft interim final rule for the Paycheck Protection Program (PPP) on loan forgiveness supplement the PPP Loan Forgiveness Application released on May 15, 2020. ) Jun 16, 2020 · If Borrower (together with affiliates, if applicable) received PPP loans in excess of $2 million: Check if applicable. If you are a schedule c claiming rent on a room in your own house you won't get this. Optional – Complete the Demographic schedule. You are not required to use the provided worksheet but must create and retain either the worksheet or its equivalent to support your application. Prepare to request Forgiveness of 10 years from the date on which a borrower applies for PPP loan forgiveness. Line 3: This includes any reduced wages for employees. Documentation supporting certifications that the business was unable to operate to full capacity because of guidance or regulations issued by HHS, CDC or OSHA from March 1, 2020 to December 31, 2020 related to Covid safety. Self-employed individuals without payroll can skip lines 1 through 8. and they have filed or will file a 2019 Form 1040 with a Schedule C. S. Top of Page 9: Schedule A Worksheet. If all your employees were paid at least 75% of their original pay (between January 1 and March 31), check the box and enter 0. Payments to these individuals are identified separately from payroll costs to other employees on PPP Schedule A and should not also be included in the Schedule A Worksheet that is used to list SBA Form 3508 (PPP Loan Forgiveness Application) Schedule A worksheet; Documentation for each employee, including salary, reductions in salary or hours, and breakout for employees making over $100K on annualized basis ; Documentation for employee job offers and refusals, if applicable May 21, 2020 · PPP Schedule A 3. PPP loan: calculate average monthly payroll with the Worksheet 1. This is not official SBA guidance. 5are x themonthly payroll amount based Jun 24, 2020 · SBA Form 3508 is made up of several parts including (1) a Loan Forgiveness Calculation Form, (2) a PPP Schedule A, (3) a PPP Schedule A Worksheet, (4) a list of documents and information that must First, line 5 of the Forgiveness Amount Calculation comes from PPP Schedule A, Line 3, which itself is derived from Box 3 of the PPP Schedule A Worksheet, Table 1. 0. May 29, 2020 · For example, if you have a part-time worker who is paid for 20 hours per week, their FTE would be 0. All of these are in the Loan Forgiveness Application form packet . Eligible borrowers able to receive 2. “The SBA has given the following calculation for Self-employed Schedule C filers: The compensation of self-employed Schedule C individuals, including sole proprietors, self-employed individuals, and independent contractors, that is eligible for loan forgiveness is limited to 2. (screen shot on next page) • To make edits on this worksheet, export to XLSX or CSV and you can modify it with Oct 19, 2020 · If you have completed the PPP Schedule A Worksheet, we suggest you provide it when you submit your application. For example, in order to fill in Line 1 of the application, you need to enter Line 10 of a separate form (PPP Schedule A), which in turn can only be calculated after filling out two worksheets. May 19, 2020 · By following the step-by-step instructions, the borrower should first begin with the PPP Schedule A Worksheet (Part III), then move to the PPP Schedule A (Part 2), and finally end with the PPP Loan Forgiveness Calculation Form (Part 1). 0 on Line 13 of PPP Schedule A. If you have a payroll provider, request a payroll report from them. 00 $56,500. Aug 05, 2020 · When calculating the FTE Reduction Exceptions in Table 1 of the PPP Schedule A Worksheet on the Loan Forgiveness Application (SBA Form 3508 or lender equivalent), borrowers should include employees who made more than $100,000 in 2019 (those listed in Table 2 of the PPP Schedule A Worksheet). Schedule A. If needed, you can override any of the inputted data using the Override fields. General FAQ Section 8. SBA Form 3508 PPP Schedule A Worksheet (detailed payroll cost calculations). Document your eligible payroll and non-payroll costs. But if both parties report on their respective tax returns should not be a problem. We apply these prorated caps consistent with PPP guidance relevant to non-owner employees. 5 FTE (60 hours paid each week / 40 = 1. Additionally, in the application materials and in the calculator, a separate worksheet is attached to analyze each employee. Example: ACME determines applicable payroll covered period:. PPP Schedule A Worksheet or its equivalent and the following: a. For example: $100,000/52 = $1,923 X 8 = $15,385. PPP Schedule A 6. A borrower received its PPP loan before June 5, 2020 and elected to use a 24-week Covered Period. 0 or higher, no reduction in forgiveness is required. 28 Aug 2020 For example, if the borrower is using a 24-week Covered Period and received its PPP Do I need to submit the PPP Schedule Worksheets? PPP loan forgiveness calculator (Excel). $100,000. Enter Average FTE (Box 5) from PPP Schedule A Worksheet, Table 2: Non-Cash Compensation Payroll Costs During the Covered Period or the Alternative Payroll Covered Period Line 6. 0 if the FTE Reduction Safe Harbor has been met, according to PPP Schedule A The borrower would enter on the PPP Schedule A Worksheet, Table 1, $400 as the salary/hourly wage reduction in the column above box 3 for that employee. Oct 19, 2020 · If you have completed the PPP Schedule A Worksheet, we suggest you provide it when you submit your application. paycheck protection program (ppp) document worksheet Full-Time Equivalency (FTE): A numerical calculation for determining employee headcount; when requesting Forgiveness, the Borrower may elect to use 1. 2020 IRS Forms 941 for Quarter 1 and Quarter 2 of 2020, if your PPP loan closed on or before May 5, 2020; HOWEVER, if your PPP loan closed on May 6. SBA Form 3508 PPP Schedule A (payroll cost total). Because the forgiveness Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. The Worksheet requires the Borrower to list every employee The listing of each individual employee in PPP Schedule A Worksheet Table 1, including the “Salary/Hourly Wage Reduction” calculation, if necessary. 666666666667. 2. Options for borrowers who use a biweekly or more frequent payroll schedule to calculate payroll costs using For example, if your loan disbursement date is Monday, April 20, and Worksheets are provided within the application instructions to  16 May 2020 Options for borrowers who use a biweekly or more frequent payroll schedule to calculate payroll costs using an “alternative payroll covered”  4 Sep 2020 For example, you could hire your under-age-18 children, pay them, say, on Schedule C of your Form 1040, your PPP loan forgiveness should . Only parts (i) and (ii) are required to be submitted to the lender. Schedule A Worksheet – FTE Reduction Safe Harbor Step 5 If the total for Step 4 is greater than the total for Step 2, the safe harbor applies. May 22, 2020 · To apply for PPP loan forgiveness, you will need to complete the following forms (see above paragraph for the link to the forms): SBA Form 3508. May 27, 2020 · Lastly, while not necessary to submit for PPP forgiveness, the application sets forth a list of documentation Borrowers are required to maintain: Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1, including the “Salary/Hour Wage Reduction” calculation, if necessary; Jun 04, 2020 · For example, if you did not claim or are not entitled to claim utilities expenses on your 2019 Form 1040 Schedule C, you cannot use the proceeds for utilities during the covered period. Example 2 : A borrower received its PPP loan before June 5, 2020 and elected to use a 24-week Covered Period. Gather all of your documentation related to your PPP Loan including your PPP Schedule A Worksheet or its equivalent, all schedules, payroll reports, employee information, and supporting documentation. The EZ form could help borrowers avoid a massive headache which also includes PPP Schedule A and the PPP Schedule A Worksheet. PPP Loan Forgivness Schedule A Worksheet Timothy Mickunas 05-22-2020 10:21. Example 2: A borrower received its PPP loan before June 5, 2020 and elected to use a 24-week Covered Period. Essentially, if you reduce your wages by more than 75%, this will impact your total forgivable amount. 00 1/10/2020 4. Must determine which employees get listed on Table 1 and Table 2 of the Schedule A Worksheet 3. 0 for employees who work 40 hours or more per week and 0. Oct 23, 2020 · The borrower would enter on the PPP Schedule A Worksheet, Table 1, $400 as the salary/hourly wage reduction in the column above box 3 for that employee. Optional PPP Borrower Demographic Information Form PPP Loan Forgiveness Calculation form - Required Main Application - Summarizes information Includes Certifications PPP Schedule A - Required Pa yroll costs Includes Reductions for wages and FTE’s PPP Schedule A Worksheet - Not required to submit T a b le 1 - Employees under 100K Ta ble 2 -List employees over 100K 1. Borrowers report total average FTEs for the chosen Reference Period on Line 11 of PPP Schedule 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. For guidance on how to run this report, please refer to our FAQs here . Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1 (employees with wages less than $100k annually), including the “Salary/Hourly Wage Reduction” calculation. 00 5. On the schedule A worksheet we need to list average FTE by employee for the covered period. 00 $1,000. Step 5. Line 2. 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. 85000 7083. QuickBooks Guidance for tracking PPP expenses Paycheck Protection Program Overview. It also explains that all Borrowers must submit (1) and (2) to their  For example, if the Borrower received its PPP loan proceeds on Monday, April 20 , the first day See PPP Schedule A Worksheet—FTE Reduction Safe Harbor. PPP Schedule A Worksheet" tab - You will need payroll reports to complete this tab. You will use the PPP Schedule A Worksheet (see below) to help you prepare this document. 0 FTE. Reduction in Number of FTE FAQs b. If as of June 30, 2020, your FTE total has been restored, you will be deemed to have no reduction in FTEs. For lines 6 through 9, during the Covered Period or the Alternative Payroll Covered Period: May 18, 2020 · Borrower then fills out PPP Schedule A using information from the Worksheet as well as including the non-cash compensation payroll costs of 1) employer contributions for employee health insurance, 2) employer contributions to employee retirement plans, and 3) employer state and local taxes assessed on employee compensation for the Covered Form 3508 Schedule A Worksheet must be maintained by the borrower but is not required to be submitted with the PPP loan forgiveness application to the lender. Once your Schedule A Worksheet is completed, return to the Forgiveness Estimator page. 18 Jun 2020 SBA also updated PPP Schedule A Worksheet to clarify that for For example, if the borrower is using a 24-week Covered Period and received  17 Jun 2020 For example, if you receive a $100,000 PPP loan, and during the You will use the PPP Schedule A Worksheet (see below) to help you  18 May 2020 A borrower must first complete the PPP Schedule A Worksheet (Worksheet) Final Rule on Additional Eligibility Criteria, III. Line 1: Payroll Costs (Enter the amount from PPP Schedule A, Line 10)— Borrower cannot compute until determined items on Worksheet for Schedule A. These totals are reported on PPP Schedule A Line 2 (from Table 1) and Line 5 (from Table 2), which are then totaled on Line 12 of PPP Schedule A (See Form 3508, p. DOWNLOAD THE PPP LOAN FORGIVENESS TEMPLATES. Non-Cash Compensation Payroll Costs During the Covered Period or the Alternative Payroll Covered Period For example, if the Borrower 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, June 14 . Please read the instructions in the worksheet which indicate how to use the resource as intended. PPP Schedule A Worksheet, Table 2 Totals Line 4. 10 Aug 2020 The new FAQs provide useful examples and explanations, but stop The borrower would enter on the PPP Schedule A Worksheet, Table 1,  16 May 2020 The PPP Schedule A Worksheet; and For example, if the Borrower received its PPP loan proceeds on Monday, April 20, the first day of the  5 Nov 2020 Ten Things to Know About the PPP Loan Forgiveness Applications (Updated 11/ 5/2020) and PPP Loan Forgiveness Application Form 3580EZ Instructions for and examples, and some of that information is included in this article. PPP Loan Forgiveness Calculation Form 7. If you are looking for information to support a small business, you may find our tools useful, but they are designed primarily with the needs of nonprofit May 01, 2020 · Just to make sure there’s no confusion, we’ll quickly go over a real life example. The navigation buttons are located at the bottom of each screen. you can download 3 sample PPP Forgiveness Application options, the Form 3508, Shorter form that doesn't require submission of a Schedule A. 19 Jun 2020 The Application, Schedule A, and Worksheet to Schedule A do a decent For example, if you delayed paying your March rent until April (after  6 Aug 2020 In this example, ABC could have a FTE Reduction Quotient of 49% and still PPP Loan Forgiveness Application – PPP Schedule A Worksheet  18 Jun 2020 -For example, if the Borrower is using a 24-week Alternative Payroll Covered PPP Schedule A Worksheet or its equivalent and the following:. For example, SBA may review a loan if the loan documentation submitted to SBA by the lender or any other information indicates that the borrower may be ineligible for a PPP loan, or may be ineligible to receive the loan amount Salvador & Babic CPAs have provided some examples of how to apply for a Paycheck Protection Program loan and a worksheet to help understand the PPP loan forgiveness aspect. Step 4. 0 $50,000. Examples of Reduction Due to Reduction Salaries or Wages 5. In this example the percentage 75% as we had 3 in our covered and 4 as the base period (3/4). (Emphasis added. 5 million $2. 00 1/3/2020 4. The loan amounts will be forgiven as long as: 1. schedule, and any inability to hire similarly qualified employees for unfilled positions on or before December 31, 2020. • PPP Schedule A Worksheet is not required to be submitted but must be Jul 02, 2020 · 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. STEP 1 . PPP Forgiveness App template" tab and review form for accuracy. Print your original PPP Loan Application. 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. 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. Table 1. Enter the borrower’s total FTE as of June 30, 2020. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Start with completing Table 1 for employees paid <$100K. Then under the FTE reduction safe harbor you have to calculate them for the period February 15,2020 to April 26 2020. Line 5: Enter the total from Box 5 (Average FTE, Table 12) from the PPP Schedule A Worksheet. Lines 1 through 5: Enter the amounts from PPP Schedule A Worksheet Tables as directed. If this is 4. Table Instructions . The worksheet provides specific information regarding Employee Cash Compensation, Average Full-Time Equivalency (FTE) and Salary / Hourly Wage Reduction. 0 $2,000. Loan forgiveness documentation for employers. Sum across all employees during the reference period and enter that total on this line. The borrower should refer to the “Salary/Hourly Wage Reduction” section under the “Instructions for PPP Schedule A Worksheet” in the PPP Loan Forgiveness Application Instructions. ” (Note that the eight-week period was extended to twenty-four weeks under the PPP Flexibility Act. Payroll tax reports: a. PPP loan forgiveness calculation for owner compensation replacement: Take the lesser for your net profit or $100,000, divide it by 52 (for the weeks in a year) and multiply by eight (for the eight weeks of income). I. In Step 1, the borrower enters the figures in 1. For example, if the borrower received its PPP loan proceeds on Monday, April 20, and the first day of its first pay period following its PPP loan disbursement is Sunday, April 26, the first day of the Alternative Payroll Covered Period is April 26 and the last day of the Alternative Payroll Covered Period is Saturday, June 20. PPP Forgiveness Completing the Standard Application (Form 3508) - Borrowers Guide; The Schedule A Worksheet can help you calculate information about employees’ hours and wages to fill out the application. If that sounds confusing, don’t despair! May 21, 2020 · 10 Step 2: PPP Schedule A Worksheet 12 Step 3: PPP Schedule A 15 Step 4: PPP Loan Forgiveness Calculation Form 18 Calculations Table of Contents PPP FORGIVENESS This information is for illustrative purposes only and is not intended to provide specific planning, financial, legal, or other types of advice for you and should not be relied upon in Jun 17, 2020 · “The 2019 Form 1040 Schedule C that was provided at the time of the PPP loan application must be used to determine the amount of net profit allocated to the owner for the eight-week covered period. 9 Oct 2020 Complete basic company information on the main Loan Forgiveness Calculation form; Complete Schedule A Worksheet to see if you meet the  If you've made it this far, you have completed Table 1 on the PPP Schedule A Worksheet. SBA Form 3508 Schedule A and Schedule A Worksheet to assess if any of the FTE Reduction Safe Harbors apply to you. The first periods are the look-back periods: February 15, 2019 through June 30, 2019 Aug 04, 2020 · The borrower would enter on the PPP Schedule A Worksheet, Table 1, $400 as the salary/hourly wage reduction in the column above box 3 for that employee. In addition to the PPP Loan Forgiveness Calculation Form and Schedule A, the borrower must submit with its application the following documentation: Payroll costs: Documentation verifying eligible cash compensation and non-cash benefit payments for the Covered Period or the Alternative Payroll Covered Period consisting of the following: Dec 01, 2020 · PPP Loan Forgiveness Application Standard Schedule A Worksheet. Scroll to the end of the loan payment schedule to see when your last payment will be made. 0 5. th. Perform a bank reconciliation at the end of the 8th week and tie your general ledger account to the bank statement. Review the information on your Schedule A Worksheet. PPP Schedule A Worksheet Preparation – Steps You Can Take Including FTE Calculation iii. Forgiveness. Jun 18, 2020 · 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). 8 FTE. Line 4. Borrowers with a biweekly (or more frequent) payroll schedule may  19 Nov 2020 (For example, to enter employer-paid health insurance premiums that were not recorded in payroll. Once all steps have been completed, click Calculate Schedule A Worksheet to generate your Schedule A Worksheet. Use 60% or more of your PPP funds on eligible payroll costs in order to maximize loan forgiveness. There are at least two problems with this paragraph. Table 1 calls for Employees employed during the covered Jun 24, 2020 · Documentation supporting PPP Schedule A Worksheet “FTE Reduction Safe Harbor". Example SBA Form 3508, Table 1, Schedule A Worksheet: NOTE . Instructions for PPP Schedule A . (For example, to enter employer-paid health insurance premiums that were not recorded in PPP Schedule A Worksheet: To fill out the PPP Forgiveness Calculation Form, begin by filling out the Schedule A Worksheet. 00 Jun 18, 2020 · It is designed to take the guesswork out of tracking which expenses count toward your PPP loan forgiveness. 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. 12/01/2020. Using the SBA Form 3508 and SBA Form 3508EZ – PPP Loan Forgiveness Applications, this document provides the PDF versions with formulas and references from the Schedule A and Schedule A worksheet where appropriate. Employee’s Name: Separately list each employee. 5. For lines 6 through 9, during the Covered Period or the Alternative Payroll Covered Period: IMPORTANT DISCLAIMER - PLEASE READ: This video is an example walkthrough of the application process for the GlossGenius/Cross River Bank partnership and is n Here you will find the PPP Schedule A worksheet. Line 1. ARB’s PPP Services Group Can Help. Disbursement Date. 5/12ths of your 2019 net profit from the business, as reported on your 2019 Schedule C. May 20, 2020 · The PPP Schedule A Worksheet, on which the Borrower must identify each employee employed during the covered period and allocate payroll costs incurred by each such employee (amongst other things), must be completed and maintained within the Borrower’s records for six years after forgiveness, but is not required to be submitted to the Lender May 18, 2020 · a PPP Loan Forgiveness Calculation Form, which includes identifying information about the borrower, details about the borrower’s PPP loan, a calculation of the forgiveness amount (using data from the PPP Schedule A (see below)), and certifications to be made by the borrower in connection with its application for loan forgiveness; Oct 21, 2020 · PPP Loan Forgiveness Checklist . Full-Time Equivalency (FTE) Reduction Calculation May 22, 2020 · For example, in order to complete Line 1 (“payroll costs”) of the PPP Loan Forgiveness Calculation Form, it is necessary to go to PPP Schedule A, which further directs the borrower to start with Table 1 of the PPP Schedule A Worksheet. List every single employee on your payroll during the 8-week Covered Period (or the Alternative Payroll Covered Period). Complete the tables 1 & 2 with all your employees names and salary information. 1c. Self-employed individuals without payroll can ignore the worksheet, and proceed to Schedule A on page 6. The Calculation Form, Schedule A and the Schedule A Worksheet along with the instructions for each provide step-by-step instructions for how to perform the calculations for PPP loan forgiveness. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1 c. May 18, 2020 · PPP Schedule A Worksheet (or its equivalent) and supporting documentation including: (i) listing of each individual employee, including the salary/hourly wage reduction calculations if applicable; (ii) listing of each individual employee that received annualized compensation of more than $100K; (iii) documentation identifying any employee job Aug 20, 2020 · FTE reduction exceptions of employees making > $100K (listed in Table 2 of PPP Schedule A Worksheet) should be added to the exceptions total in Table 1 of PPP Schedule A Worksheet. Lucky Lanes has applied for, and has been granted a PPP loan from the SBA and needs to now calculate the number of full-time equivalent employees (or FTE number). 1. An employee working 40 hours or more will be 1. From the worksheet, Box 2. If you are prompted to view your Schedule A Worksheet, click Yes. -Are all forms of compensation included in the salary reduction test? May 29, 2020 · For example, if you choose an 8-week period, each employee’s cash compensation is capped at $15,385; if you choose a 24-week period, each employee’s cash compensation is capped at $46,154. 5/12ths of $100,000) and the maximum amount that can be forgiven for PPP Schedule A Worksheet or its equivalent and the following: i) Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Table 1, including the “Salary/Hourly Wage Reduction” calculation, if necessary. Note: although no guidance has been provided, a salaried employee should be listed as working 40 hours a week wage reductions in excess of 25% for certain employees as described in PPP Schedule A. Calculation. Add More Rows PPP Schedule A Worksheet PPP Borrower Demographic Information Form ( optional ) Like the Borrower Application to obtain the loan, the Forgiveness Application includes borrower certifications that should be reviewed with legal counsel. has their pay reduced to $500/wk. Please don’t include the names of independent contractors, owner-employees, self-employed individuals or general partners, but you’ll need to tell us their costs on our PPP Schedule A. 6000 500. 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. Sample of What Table 1 Might Looks Like Jul 23, 2020 · Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. See PPP Schedule A Worksheet—FTE Reduction Safe Harbor. This adjustment is recorded on the PPP Schedule A Worksheet under FTE Reduction Exceptions. ” All records relating to the Borrower’s PPP loan, including documentation submitted Example #1: Biweekly Payroll with May 5th PPP Fund Deposit Regular Payrolls within the Covered Period: Count the full amount 1st Regular Payroll AFTER the Covered Period: Count the amount earned during the covered period Back Pay Paid within the Covered Period: Count the full amount Include Housing Allowance PPP Self-Employed Loan Forgiveness As of 6/10/2020 Items noted with an * will be updated once further guidance is provided related to H. – Submit PPP Schedule A and Substantiation – Lender has 60 days to review and make a decision; SBA has another 90 days after that. 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. An hourly employee’s hourly wage was reduced from $20 per hour to $15 per hour Home | Midland States Bank PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. You’ll need to separately list the names of your employees on the SBA’s PPP Schedule A Worksheet. Forgiveness Application – Standard. Before you begin the application process, below is a step by step document to help you prepare. This report runs based on data in OnPay. 00 SBA Form 3508 (06/20) Page 9: PPP Schedule A Worksheet. The amounts on your worksheets are transferred to the actual loan forgiveness application. For this example, we’ll examine a fictitious bowling alley called Lucky Lanes. Any documentation that supports the inclusion of each employee on the Schedule A Worksheet, Table 2, that each employee listed received compensation (during any pay period) at an annualized PPP loan application to justify the maximum loan amount . PPP Loan Forgiveness Calculation Form; PPP Schedule A; PPP Schedule A Worksheet; Borrower certifications For example, if you did not claim or are not entitled to claim utilities expenses on your 2019 Form 1040 Schedule C, you cannot use the proceeds for utilities during the covered period. • Back – Will take you back one screen at a time and May 29, 2020 · To assist in completing the Schedule A, there is a Schedule A Worksheet (optional). Congratulations! Example for salaried employees: During the covered  How to fill out the Schedule A Worksheet using OnPay's PPP Loan For example, with a 40-hour workweek, employees who work 10 hours will be 0. 5. Only enter information in the green cells at the top of the worksheet. This document is divided into three sections. The key will be in the detail. Total of 5 months. 19 May 2020 The PPP Schedule A Worksheet must be completed on an For example, say Simpsons Co. Your actual payroll expense from the previous year should be used in the formula. Enter the amount from line 3 of PPP Schedule A on line 5 of the Loan Forgiveness Application Form. PLEASE read this entire page before you begin your PPP loan forgiveness application! Complete Schedule A (Form 3508 only) - There are two options for For example, if the owner was in the employee count, be sure to include the owner  7 Aug 2020 For example, if the Covered Period began on May 4, 2020, and on The borrower would enter on the PPP Schedule A Worksheet, Table 1,  Introduction to the SBAs PPP Loan Forgiveness. Get familiar with the spreadsheet. STEP 2 . Schedule A Worksheet. To complete Schedule A, you will need the following information: From the PPP Schedule A Worksheet: table 1 totals, table 2 totals, and the FTE reduction calculation; Jul 08, 2020 · Schedule A and Schedule A Worksheet. May 19, 2020 · a Schedule A Worksheet that must be used in order to complete Schedule A. 3. Download your free PPP Loan Forgiveness Spreadsheet for forgiveness amount calculation, PPP schedule and worksheet, and more to help you apply. Covered Period: The Covered Period is either: (1) the 24-week (168-day) period beginning on the PPP Loan Disbursement Date, or (2) if the Borrower received its PPP loan before June 5, 2020, the Borrower may elect to use an eight-week (56-day) Covered Period. 66666666666. ) This section is also where the idea of fuel being a utility cost originates. Sep 29, 2020 · A182) In calculating FTE reduction exceptions in Table 1 of the PPP Schedule A Worksheet on the Loan Forgiveness Application (SBA Form 3508 or lender equivalent), do borrowers include employees who made more than $100k in 2019 (those listed in Table 2)? PPP Schedue l A Worksheet or tis equviaenl t Q2 Form 941 and state quarterly business and individual wage reporting documents Won’t be available until after July 1, 2020 Alternative: Third -Party Payroll service provider reports Documentation supporting the listing of each individual employee in PPP Schedule A Worksheet Jul 31, 2020 · If a business is able to document the inability to rehire individuals who were employees on February 15, 2020 AND the inability to hire similarly qualified replacement employees, then the related FTE will not impact the amount of loan forgiveness. 153416. PPP Schedule A Worksheet (Worksheet) supports the calculation of eligible cash compensation and the calculation of salary/hourly wage reductions. Sep 30, 2020 · including PPP Schedule A and PPP Schedule A Worksheet Q&A. 2/15/2019 5. Payroll Covered Period) (for example, if the borrower received the PPP loan on April Schedule A and the Schedule A Worksheet (Worksheet) must be completed to  22 May 2020 SBA Form 3508 PPP Schedule A Worksheet (detailed payroll cost Example: If you received your loan on Wednesday, April 22, 2020, the last  27 May 2020 Example: A restaurant has a bi-weekly payroll schedule (i. 4 Jun 2020 First, we will be discussing PPP Schedule A Lines 6, 7, 8 Non-Cash including profit sharing plans, for example, are eligible for forgiveness. From the worksheet, Box 1. The Schedule A Worksheet helps you determine the figures you need to complete Schedule A. See also PPP Schedule A; PPP Schedule A Worksheet. PPP Schedule A Worksheet – FTE and Wage/Salary Reductions 4. 00 $2,000. Patriot's help article walks you through how to complete the PPP loan The application contains three major parts: the Calculation Form, Schedule A, and the Example: You have a weekly paycycle that runs from Sunday to Saturday. You can use the Schedule A Worksheet tool to assist you with organizing your payroll information. Complete Table 1 4. b, and 1. On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was enacted changing some of the PPP rules to make it easier for small business to qualify for loan forgiveness. May 28, 2020 · PPP SCHEDULE A WORKSHEET. May 16, 2020 · For each employee, follow the same method that was used to calculate Average FTE on the PPP Schedule A Worksheet. But since our advice is to always move to the next step, in this case Loan Forgiveness, Form 3508, including Schedule A and Schedule A Worksheet (U. b. However, to complete schedule A you will first need to complete Schedule A worksheet (pg. Completing the Schedule A 1. Apr 22, 2020 · PPP Schedule A is on page 3 of the application and does need to be submitted to the lender. Aug 11, 2020 · The Small Business Administration (SBA) and Treasury Department published a new Frequently Asked Questions (FAQ) document on August 4, 2020 to address some of the processes and calculations Paycheck Protection Program (PPP) borrowers should use to determine how much of their PPP loan is forgivable. payroll paid post loan receipt. Documents supporting the PPP Schedule A Worksheet “FTE Reduction Safe Harbor 2. Main Content. PPP Schedule A Worksheet or its equivalent 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. Learn more about PPP loan forgiveness → Important note about this report. This calculation incorporates the loan forgiveness reduction Examples: 1099-MISC, Schedule C, IRS Form 1040 Schedule SE, IRS Form 1120 or 1120-S, IRS Form 1065, K-1, IRS Form 990 Third-party payroll service provider reports for your Covered Period; OR: Bank statements verifying claimed amount State quarterly business and individual employee wage reports Reported or that will be reported Do not type in the loan payment schedule. A quick glance at the PPP Schedule A worksheet reveals that it only applies to Jul 08, 2020 · We are happy to provide you with this robust planning tool for loan forgiveness. 25 days ago · 241. Jul 23, 2020 · Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. Reduction in Loan Forgiveness Amount Due to Reduction in Salaries or Wages i. PPP  19 May 2020 SBA Form 3508 consists of four components: (1) the PPP Loan (3) the PPP Schedule A Worksheet (for the detailed calculations and For borrowers that could not satisfy this affirmative covenant (for example, because their  28 May 2020 The SBA has determined that the CARES Act's definition of the term “payroll PPP Schedule A Worksheet or its equivalent and the following:. Employee Identifier –. 18 May 2020 For example, if you had payroll costs of $70,000 and non-payroll costs the business must outline these in a PPP Schedule A Worksheet and  21 May 2020 A business that obtained a PPP loan forgiveness application will need to to submit the Forgiveness Calculation Form and Schedule A (described below), For example, if the covered period (for payroll and non-payroll  20 May 2020 PPP borrowers must apply for loan forgiveness with the lender that to claim a deduction for these expenses on your 2019 Form 1040 Schedule C in For example, if the loan was disbursed on April 20, the last day of the 56  18 May 2020 For example, in order to fill in Line 1 of the application, you need to enter Line 10 of a separate form (PPP Schedule A), which in turn can only  22 May 2020 With the release of the PPP Loan Forgiveness Application and The application provides an example of the alternative method in practice: Schedule A Worksheet (or an equivalent report from the borrower's payroll system  21 May 2020 Enter the Total on PPP Schedule A, Line 1 (Table 1) and Line 4 (Table 2). Payroll costs mean: • Employee gross pay, including salary, wages, commissions, bonuses and tips, capped at the annualized value of $100,000 for the length of the applicable Covered Period or Alternative Payroll Covered Period (for example, for a 24- b. R. May 17, 2020 · The application’s “PPP Schedule A Worksheet” provides step-by-step instructions on applying the Safe Harbor FTE Reduction for employees terminated before April 26, 2020, and re-hired by June 30, 2020. 00 $0. All loan terms will be the same for everyone. May 26, 2020 · The Sample PPP Loan Application, Schedule A worksheet, may be helpful here. d. III. PPP Schedule A covers the calculation of payroll costs and FTE reduction quotient. 0 $0. 5 million $4 million Total Payroll Cost using 33% $495,000 $825,000 $1,320,000 Average Monthly Payroll Cost $41,250 $68,750 $110,000 May 21, 2020 · 10 Step 2: PPP Schedule A Worksheet 12 Step 3: PPP Schedule A 15 Step 4: PPP Loan Forgiveness Calculation Form 18 Calculations Table of Contents PPP FORGIVENESS This information is for illustrative purposes only and is not intended to provide specific planning, financial, legal, or other types of advice for you and should not be relied upon in May 28, 2020 · PPP SCHEDULE A WORKSHEET. The PPP Schedule A Worksheet 4. Page 3: PPP Loan 5. This detail helps us validate the line item figures shown on the forgiveness application forms. May 22, 2020 · 1. All records relating to the loan including the loan application, certifications for the loan request, and the borrower's Lines 1 through 5: Enter the amounts from PPP Schedule A Worksheet Tables as directed. 25 FTEs,  options when it comes to the Schedule A worksheet: in-depth examples, check out Step 3 in our PPP  11, STEP 4, Save this Excel worksheet and upload to the PPP Forgiveness Portal using the UPLOAD EXCEL WORKSHEET button (Note: PPP Forgiveness  Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic For example, if the Borrower received its PPP loan proceeds on Monday, April 20,. If you use less than 60% of your PPP funds for payroll costs, you will only be eligible for partial loan forgiveness. The PPP loan forgiveness application and instructions provide answers to some of the questions borrowers have had about how the PPP loan forgiveness will work. Apr 17, 2020 · After the 8 weeks the PPP bank balance is now $0. NFIB PPP Loan Forgiveness Tip Sheet AICPA PPP Loan Forgiveness Calculator A borrower may submit a loan forgiveness application any time on or before the maturity date of the loan –including before the end of the covered period –if the borrower has used all of the loan proceeds for SBA Form 3508 is made up of several parts including (1) a Loan Forgiveness Calculation Form, (2) a PPP Schedule A, (3) a PPP Schedule A Worksheet, (4) a list of documents and information that must be submitted with the completed Application and a list of documents that must be maintained by the Borrower for a period of 6-years, and (5) a PPP The new 24-week limit and other changes to PPP Loans means changes in calculating payroll costs, and thus the amount of loan forgiveness. Aug 04, 2020 · The borrower would enter on the PPP Schedule A Worksheet, Table 1, $400 as the salary/hourly wage reduction in the column above box 3 for that employee. When you run the report, plug in the date range for your coverage period or alternative coverage period. Sample Forgiveness Application · Forgiveness Application Instructions · Schedule A Worksheet  18 Nov 2020 SBA announces simpler PPP forgiveness for loans of $50k and less. For example, if your loan funded on Monday, April 20th, your Covered Period runs from The PPP Schedule A Worksheet and Instructions for the PPP Schedule  18 May 2020 PPP Schedule A Worksheet, on which the employer must list each “For example, if the Borrower received its PPP loan proceeds on Monday,  18 May 2020 PPP Loan Forgiveness Calculation Form; PPP Schedule A; PPP and local unemployment compensation taxes from the definition of Payroll  18 May 2020 Article provides instructions on how to apply for PPP Lo. payroll incurred in eight weeks post loan receipt vs. 17, PPP Loan Forgiveness Calculation worksheet (page 3 of form) is the last worksheet and provides the final  26 Aug 2020 payroll schedule may elect the Alternative Period. ppp schedule a worksheet example

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