Open a separate bank account for your PPP loan. The Paycheck Protection Program offers loan forgiveness if you've used the money on qualified expenses. Editor’s note: Regulations and guidance from the SBA and the U.S. Department of Treasury on the PPP are evolving rapidly. Download the 24-Week Full Time Equivalent (FTE) Calculator. PPP Loan Forgiveness Support Services . Excel Spreadsheet Template for tracking PPP expenses 2. And speaking of starting points, if managing your business’s accounts makes you nervous on a good day, it might be time to consult an accounting professional. Intuit does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. Take a look at Macksey’s video, and make yourself a copy of his loan forgiveness spreadsheet to give it a try. Google Tag Manager Feb 19, 8:04 PM EST If you receive a Paycheck Protection Program (PPP) loan, tracking how you spend it is an important part of applying for loan forgiveness. “Then, for the next eight weeks, they’ll pay out all their payroll, rent, utilities—everything that qualifies—from that account,” he said. 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 (Self-Employed Individuals without Employees), File name: se-ppp-loan-forgiveness-calculator.xlsx. We provide third party links as a convenience and for informational purposes only. Download the 8-Week Full Time Equivalent (FTE) Calculator. It is designed to take the guesswork out of tracking which expenses count toward your PPP loan forgiveness. The PPP loan … The QB P&L will not show regular spending vs. PPP spending, so keep a separate spreadsheet to track the PPP spending. On the date picker, select Custom then enter your covered period: Start date: the day your lender sent you the funds. 3. 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.. For more details about the Paycheck Protection Program, as specified in the CARES Act, see the PPP … Accordingly, the information provided should not be relied upon as a substitute for independent research. https://quickbooks.intuit.com/cas/dam/IMAGE/A8kGrzU3j/How-to-record-and-track-your-Paycheck-Protection-Program-loan-spending_featured.jpg, 3 tips to record and track your Paycheck Protection Program loan, What is cash flow? While there are certainly other ways to track your spending of your PPP loan funds, these resources may give you a good starting point. Please read the instructions in the worksheet which indicate how to use the resources as intended. The article even gives some helpful tips for nonprofits, which have unique and essential reporting needs. Please read the instructions in the worksheet which indicate how to use the resources as intended. 24-week period: use the 2.5/12 method of 2019 net profit, up to $20,833 - which is 100% forgiven. Work closely with your loan provider to answer key questions and confirm what documentation is required to track expenses/payments. 1. Intuit Inc. does it have any responsibility for updating or revising any information presented herein. Borrowers can still keep the original 8 week period if they so choose. 2021 - PPP Loan Forgiveness Rules. The loan … Self-employed with no employees can spend the full $20,833 as owner compensation replacement and it will be eligible for 100% forgiveness if proper documentation is provided with PPP … Borrowers whose loan numbers were assigned after June 5 will automatically have a forgiveness period that is the shorter of: 24 weeks, or; From the date of the loan … “Hopefully they just received their PPP loan funding, and now they need a way to keep track of it so they can [apply to] get their loan forgiven in part or in full.”. Readers should verify statements before relying on them. Spreadsheets aren’t the only way to track your loan. Applicable laws may vary by state or locality. An in-depth guide for business owners, Mortgage interest payments on mortgages incurred in the ordinary course of business before February 15, 2020, Rent payments under leases dated before February 15, 2020, Business utility payments for electricity, gas, water, transportation, telephone, or internet access under service agreements dated before February 15, 2020, Certain employees identified in the statute, including additional wages paid to tipped employees. “As painful as it sounds, having a separate account for this loan and maintaining good recordkeeping [may] provide the best results,” he explains. “My approach is to have all of our clients … *The uses listed above are ones that may be covered by loan forgiveness (“covered uses”) and are not the only allowable uses of a PPP loan. PPP Spreadsheet. After the 8 weeks the PPP bank balance is now $0.00. The Act authorized the creation of the $349 billion Paycheck Protection Program (PPP), a loan program meant to provide loans … This article currently has 6 ratings with an average of 1.7 stars, 10 tips for using cash flow management to grow your business, 10 Accounting Mistakes Business Owners Make | QuickBooks, Accounting definition: How to master the basics + 3 (free) spreadsheets, Breaking Down Cash Flow Management & Pro Tips to Make it Better, https://quickbooks.intuit.com/r/payroll/track-ppp-loan/. Update the spreadsheet each time a new expense is added to the PPP check. Borrowers whose loans were assigned a loan number by the SBA on or before June 5 th can decide whether to elect to use an 8-week or a 24-week expenditure period in order to … ]PPP forgiveness calculator - Long form 3580 (revised on 6/17/20 and again on 6/19/19 to correct formula error) - Excel. They’ll walk you through creating a long-term liability account in QuickBooks, categorizing expenses, and running reports. For a step-by-step guide on how to track your use of your PPP loan funds in QuickBooks, check out this resource by Alicia Katz Pollock and Megan Genest Tarnow. This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Here is a sample which shows the example of $57,000 in PPP … To be forgiven in whole or in part, at least 60% of your spending must be on eligible payroll costs, in addition to certain other requirements. “I wanted to create this spreadsheet because so many business owners need a helping hand right now,” says Macksey. The interest rate remains 1%. Many business owners may want to take spending visibility to another level by laying it out in a spreadsheet. elect to calculate eligible payroll costs using the 24-week (168-day) period (or for loans received before 6/5/20 at the election of the borrower, the eight-week (56-day) period) that begins on the first day of the first pay period following PPP loan … Your payroll accounting software may have another solution. “Once the loan period is done and you apply for loan forgiveness—and [if] it’s approved—you will have copies of all your bank statements on hand. Congress has passed the Economic Aid Act that streamlines the forgiveness process for borrowers with loans $150,000 or less, adds the ability for new borrowers to access PPP and for current borrowers to take a second PPP loan … How is a bank or underwriter going to know if you used your money or the loan money for expenses that do not qualify? To properly account for the PPP loan, we suggest creating a “PPP Loan Payable” account on your trial balance to record the liability you assume upon receipt of your loan proceeds. Here are some included uses*: Please note that your total forgiveness amount depends on other criteria as well. When making a PPP loan … Boyer & Ritter can help your business navigate through compliance requirements of the loan forgiveness program, to help ensure maximum … It gets messy.”. End date: 8 or 24 weeks after the date you received your PPP … This is where you would include gross wages or salaries, cash tips, health care benefits, and others. If you were assigned a PPP loan number on or before June 5, 2020, you now have the option of taking 24 weeks to spend the funds instead of eight weeks. Intuit accepts no responsibility for the accuracy, legality or content on these sites. How to Track Spending for on Non-Allowable Expenses. It is not necessary to obtain the password to use these documents. Luckily, Chris Macksey and the team at Prix Fixe Accounting have a PPP loan tracking template already set up. Intuit Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Instructions PPP forgiveness calculator - Short form 3580EZ- fillable PDF. You can spend PPP funds received on non-allowed expenses, but know those expenses won’t be forgiven – you will have to repay them, along with loan interest. On the Tags dropdown, select your PPP Loan tag. The “covered period” is extended to 24 weeks; businesses now have up to 24 weeks to spend their PPP funding (extended from 8 weeks) Current PPP borrowers can opt to extend the eight-week period to up to 24 weeks, or they can chose the original eight-week … The UPDATED as of July 8, 2020 SBA PPP Loan Forgiveness Tracker costs $99. He explains how the spreadsheet tracks when your payments are due, based on the loan distribution date. Download the Information Checklist to Apply for PPP Loan … Input payroll data into the spreadsheet. “So there’s a line-by-line record of their spending.”, “Say you have $20,000 in your operating account today, and you get a $30,000 PPP loan,” says Poulos. Additional information and exceptions may apply. Borrowers can extend the 8 week period to 24 weeks to utilize the maximum amount of forgiveness. This site is brought to you by the Association of International Certified Professional Accountants, the global voice of the accounting and finance profession, founded by the American Institute of CPAs and The Chartered Institute of Management Accountants. Existing clients of TGG Accounting should email their team for their FREE Loan Forgiveness Tracker link. 2) Start logging your actual expenditures - regardless of how the forgiveness is calculated it wil be applied to your actual expeditures for the 8 week period following the first deposit you receive from your PPP loan… Launched by two small business owners, we started with the mission to help inform other entrepreneurs with PPP … Step 3. The resources described above are made available to businesses within the United States of America. Furthermore, since a portion of the PPP loan can be used for mortgage, lease, and utility obligations, gather documents to verify that you make those types of payments. https://craykaiser.com/24-week-ppp-loan-forgiveness-templates PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. From there, you start paying out the qualified expenses, as well as other non-qualifying expenses. The new 24-week limit and other changes to PPP Loans means changes in calculating payroll costs, and thus the amount of loan forgiveness. It is not necessary to obtain the password to use these documents. Please refer to the latest guidance from SBA and Treasury to confirm current program rules and how they apply to your particular situation. The maximum loan amount is based … Macksey laid out columns in the spreadsheet for different payroll expenses that are considered forgivable. Before applying for PPP loan forgiveness, borrowers will need to organize their documentation, including information regarding payroll, mortgage interest, rent, utility, and other eligible costs paid using the PPP funds during the loan forgiveness covered period. Perform a bank reconciliation at the end of the 8th week and tie your general ledger account to the bank statement. 2021 - PPP Worksheet Instructional Guide. QuickBooks Guidance for tracking PPP expenses Paycheck Protection Program Overview. ... Find a template to help with tracking PPP expenses: Excel Spreadsheet Template for tracking PPP expenses QuickBooks Guidance for tracking PPP … For example, salary, wage, or headcount reductions during the covered period after you first received your PPP loan proceeds from the lender may reduce the forgivable amount for some borrowers. PPP loan accounting. Macksey’s explainer video covers the various components of his spreadsheet: the sections that are editable, the sections that are necessary for tracking, and more. These tips will help you track your spending. This section is separated from “other covered expenses.” The spreadsheet tracks one against the other, so you can monitor your spending in accordance to the PPP 60/40 guideline. PLEASE NOTE: These spreadsheets are locked to maintain the integrity of the formulas. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. As part of the national effort to combat the devastating economic effects of the COVID-19 pandemic, the CARES Act was signed into law on March 26, 2020. Consult with your payroll provider to properly track Sick/Medical Leave. “When you put it into the same account, you have $50,000. Instructions PPP forgiveness calculator - Prior version (5/22/20 - 6/17/20) - Excel Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet… Here are three options you may consider for recording and tracking your use of your PPP loan funds. 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. 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