Here’s how Forgiveness will work for PPP loans processed through Chase. Eligible borrowers able to receive 2.5are x themonthly payroll amount based either on average payroll of previous 12 months or average of 2019. If you received your loan prior to June 5, you can elect to use an eight-week covered period (the original time period before the PPP Flexibility Act). PPP loan: calculate average monthly payroll with the Worksheet 1. Loans disbursed after 6/5 will default to 24 weeks. You can also use an alternative covered period, which is 24 weeks starting from the first day of the first pay period after receiving the disbursement. You’ll need the answers from the Schedule A Worksheet. 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. The Paycheck Protection Program Flexibility Act made some significant changes to PPP loans.. One of the biggest changes was to the eight-week forgiveness period. • PPP Borrower Transparency starts at $150,000 or more. Remember, the amounts from this worksheet are carried forward to the PPP Schedule … Fill out and upload Excel worksheet based using instructions provided on worksheet. This is to help cover eight weeks of payroll and eight weeks of mortgage interest, rent and utilities. You may want to rush through filling out the worksheet since SBA lenders are accepting applications on a first-come, first-serve basis. ... 8 Weeks vs. 24 Weeks • IFR clarifies you may submit an applicationbefore the end of the Option (1): DOWNLOAD the Excel Worksheet. The calculator is based on existing PPP guidance from the Department of Treasury and Small Business Administration (SBA), as well as additional recommendations added by the AICPA. Enter the total cash compensation paid. Download your free PPP Loan Forgiveness Spreadsheet for forgiveness amount calculation, PPP schedule and worksheet, and more to help you apply. Note that if you processed unpaid hours for any hourly employee, such as for unpaid leave, during one of the listed periods, you may need to manually adjust the employee’s calculated hourly rate. Table 1 calls for Employees ... ($15,385 or lower for the 8-week period), so bonuses of $2k or more in 2019 are just added in with all other cash comp. You’ll find a detailed employee worksheet on page 9 of the application. Line 4: Enter the total from Box 4 (Cash ... no owner can be compensated more than $15,385 (for the eight-week Covered Period) or $20,833 (for the 24-week Covered Period) from PPP loan proceeds if you want to receive full forgiveness. 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. PPP FORGIVENESS BORROWER CHECKLIST Steps To Complete Forgiveness Application: ... (8 weeks or 24 weeks). It is your obligation, ... complete the PPP Schedule A Worksheet first before starting your Forgiveness request with Chase. The FTE Reduction Safe Harbor is also figured on the Schedule A Worksheet. SCHEDULE A (3508 ONLY). It is designed to take the guesswork out of tracking which expenses count toward your PPP loan forgiveness. You must use the 24-week period if you received your loan on or after June 5. Instructions PPP forgiveness calculator - Short form 3580EZ- fillable PDF. For non-payroll, use the 24- or 8-week Covered Period. If you checked 24 weeks as your covered period but are actually applying for a shorter period, ... Option (1) - Download the Excel Worksheet i. PPP Schedule A Worksheet has Table 1 and Table 2 which asks for employee name, employee identifier, cash compensation, average FTE, and salary/hourly wage reduction. 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. PPP Loans in Excess of $2 Million ... the preferred Covered Period, either 8 or 24 weeks. An employee working 40 hours or more will be 1.0 FTE. Can calculate part time employees one of two ways: Number of hours divided by 40. Payroll Schedule (frequency) Covered Period 8- or 24 week-period starting with the Loan Disbursement Date If you received your loan before June 5, you can choose between using an 8- or a 24-week period. Note:The Covered Period will automatically default ... Download Schedule A Worksheet (Excel) link. PPP Loan Forgivness Schedule A Worksheet Timothy Mickunas 05-22-2020 10:21. It may be easiest to begin by looking for a payroll report template online or within Excel. Example –Sam works 25 hours per week In previous legislation the Covered Period was only 8 weeks. For the 24-week period beginning April 20, ... (Box 4) from PPP Schedule A Worksheet, Table 2: Same concept plays out now for Table 2. The PPPFA extends this eight-week period to 24 weeks (or December 31, 2020 whichever is earlier), giving businesses more time to spend the money and still obtain forgiveness. Last week, the Treasury issued an FAQ to provide a recovery period to public companies that took PPP loans when they had adequate resources. Creating a PPP payroll report in Excel. Get familiar with the spreadsheet. If your loan was disbursed under the PPP original rules (before June 5, 2020), you can use either the 24-week period or the eight-week … Schedule C Form 1040). Enter Cash Compensation (Box 4) from PPP Schedule A Worksheet, Table 2: Line 5. covers both the 8-week Covered Period and 24-week Covered Period options. 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