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. For our Q&A resource, click here. PPP Loan Uses & Forgiveness: A Guide to Track Expenditures . Enter the amount from line 3 of PPP Schedule A on line 5 of the Loan Forgiveness … Page 1: PPP Loan Forgiveness Calculation Form Business Legal Name (“Borrower”) DBA or Tradename, if applicable. Congratulations on navigating the PPP process. PPP Loan Forgiveness User Guide. It is not necessary to obtain the password to use these documents. Can calculate part time employees one of two ways: Number of hours divided by 40. 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. a. Line 1: Enter the amount in Box 1 (Cash Compensation, Table 1) from the PPP Schedule A Worksheet. PPP Loan Forgivness Schedule A Worksheet Timothy Mickunas 05-22-2020 10:21. Here the borrower puts the basic details of the loan with total amounts for eligible expenses carried forward from the schedules behind. Member FDIC. Table 1 Lines 1 through 5: Enter the amounts from PPP Schedule A Worksheet Tables as directed. The PPP (Paycheck Protection Program) Loan Forgiveness Payroll Worksheet is available from the Accounting CS Library. Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020. IE. 12/01/2020. Loan forgiveness caps at $100,000 per year, per employee—and any wages paid to employees above that rate is ineligible for loan forgiveness. - Worksheets and templates for your forgiveness calculation - Q&A with Hannah! 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. This document is to be shared with anyone who needs a simple tool, and walk-through instructions, for calculating loan forgiveness. 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. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. Click on the Client Portal Link provided to you by The Bank of San Antonio. 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. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. 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. We’re ready to help. PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel. Member FDIC Salary/wage reduction. 1. • Submit Loan Forgiveness Application (SBA Form 3508 or 3508EZ) to Lender – Due Date -10 months after CP under New Act. Call a Midland specialist. Create a PIN that you will need to use in the future to access your forgiveness application. PPP Schedule A Worksheet: To fill out the PPP Forgiveness Calculation Form, begin by filling out the Schedule A Worksheet. Schedule A worksheet (p 9) 1. The second page the borrower certifies various statements and signs the application at the bottom. Instructions for PPP Loan Forgiveness Calculation Form 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. By accessing this link, you will be leaving our website and entering a service provider site which is hosted by another party. Table 1 ... No forgiveness reduction test is required for them. An employee working 40 hours or more will be 1.0 FTE. 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. NMLS #411141. The easiest way to fill out the Schedule A is to break it up into three sections, which we’ll cover. PPP Loan Forgiveness Calculation Form. download the ppp loan forgiveness templates Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Determine if you can use the SBA EZ Loan Forgiveness Application. PPP LOAN FORGIVENESS APPLICATION PPP - SCHEDULE A To fill out the PPP Forgiveness Calculation Form, you begin by filling out Schedule A. This pin will need to be between 6-12 characters. PPP LOAN FORGIVENESS APPLICATION REQUIRED DOCUMENTS CHECKLIST Use this checklist as you gather the required documents to accompany your application for PPP Loan Forgiveness. Choose the Schedule A tables that match the forgiveness period you have selected, either 8-week or 24-week. Application instructions (pp 1 & 2) 2. Last modified. 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. PPP Schedule A. Creating a payroll report may help verify these numbers and expedite the auditing process. 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. Midland States Bank® is a registered trademark of Midland States Bancorp, Inc. Enter Cash Compensation (Box 1) from PPP Schedule A Worksheet, Table 1: Line 2. PPP Forgiveness Application and Attestation (pp 3 & 4) 1. PPP Loan Forgiveness Instructions and Applications The U.S. Department of the Treasury provides instructions and applications for forgiveness including SBA Forms 3508, 3508EZ and 3508S. Please note that this site's privacy policy and security practices may differ from Midland States Bank's. It can include numbers, letters, Schedule A instructions (p 5) 3. 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. Schedule A (p 6) 1. Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. All of these are in the Loan Forgiveness Application form packet. This schedule is baffling to me. 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. Have a question? 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. Please read the instructions in the worksheet which indicate how to use the resources as intended. Line 2: Enter the total from Box 2 (Average FTE, Table 1) from the PPP Schedule A Worksheet. Many of our small businesses in Southwest Iowa have received a Paycheck Protection Program (PPP) loan. To determine if you qualify for the 3508S form, click here. PPP Loan Forgiveness Application Standard Schedule A Worksheet. PPP Loan Forgiveness Application Standard Schedule A Worksheet. b. Borrowers seeking loan forgiveness for PPP loans can apply for forgiveness through their lenders. 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. 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. PPP FORGIVENESS BORROWER CHECKLIST Steps To Complete Forgiveness Application: 1. We recommend all borrowers consult with their bank, legal, financial, and business advisors regarding interpretation and implementation of the loan forgiveness program. Step-by-step guide to maximizing PPP loan forgiveness for self-employed and other Schedule C filers. To determine if you qualify for the 3508EZ form, click here. STEPS TO COMPLETE PPP LOAN FORGIVENESS APPLICATION BEFORE YOU BEGIN: 1. Enter Average FTE (Box 2) from PPP Schedule A Worksheet, Table 1: Line 3. Use the PPP Loan Forgiveness Application (SBA Form 3508) if you cannot use the PPP EZ Form. 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). Borrowers must use all three forms to calculate their loan forgiveness amount. File Download. Line 3: Enter the total from Box 3 (Salary/Hourly Wage Reduction) from To learn more, visit www.nmlsconsumeraccess.org. Copyright © 2017 Midland States Bancorp, Inc. All rights reserved. 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. To calculate these costs, you must complete PPP Schedule A on the PPP Loan Forgiveness Application. 2. 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. Loan Forgiveness Application Revised June 16, 2020 Expiration Date: 10/31/2020. 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. The rules around forgiveness of PPP loans are changing. All Borrowers must submit (1) and (2) to their Lender. Complete the PPP Schedule A Worksheet or obtain an equivalent report from the Borrower’s payroll system or payroll processor. Total of 5 months. ... (Box 2) from PPP Schedule A Worksheet, Table 1 c. Line 3. Main Content. Carefully review the SBA Provided Instructions. To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). Please read the instructions in the worksheet which indicate how to use the resources as intended. One of the key provisions of the PPP is the opportunity to have up to the entireloan amount forgiven. Example –Sam works 25 hours per week After submitting your application, you will upload the completed excel file to – 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. Instructions for PPP Schedule A Worksheet . Instructions for PPP Schedule A . The excel spreadsheet was built to help businesses manage through the SBA’s Paycheck Protection Program (PPP). 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 ----- 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. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. Open your Midland account online in about 10 minutes. ... Download the Excel worksheet. In short, it’s a lot to take in. You’ll find a detailed employee worksheet on page 9 of the application. Credit subject to Bank terms, credit availability, and limitations. Download your free PPP Loan Forgiveness Spreadsheet for forgiveness amount calculation, PPP schedule and worksheet, and more to help you apply. DWH staff is available for further support. 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. Background. Table … When you run the report, plug in the date range for your coverage period or alternative coverage period. 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. Equal Housing Lender. Our PPP Services Group members are available to assist you with your PPP loan forgiveness application needs. Applying for PPP Loan Forgiveness •Forgiveness Forms -11 pages •Breaks into five pieces; 1 and 2 must be submitted to Lender: 1. Download PDF. PPP Loan Forgiveness Application Standard Schedule A Worksheet, Retirement Plan Services - Retirement Direct. Enter the same business name used on your PPP application, which should be identical to the name you use on your tax returns. a. Some of the guidance related to forgiveness is still unclear at this time. 2. See page 1 of the SBA Application for Forgiveness EZ Instructions 2. Note that this site 's privacy policy and security practices may differ from Midland Bancorp. 1: Line 3 must submit ( 1 ) from PPP Schedule A Worksheet Table... That you will be 1.0 FTE and limitations in short, it ’ s Paycheck Protection Program PPP., if applicable key provisions of the calculator inside the Excel spreadsheet to maximizing Loan! 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