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The worksheet will also determine whether the forgiveness amount must be reduced if there is a reduction in employee salary and wages. Any employee’s income over $100,000 per year. Under the PPP, loans up to 2.5x monthly payroll expenses are forgiveable. Additionally, PPP loans may be forgivable, in whole or in part, if certain requirements are met. PPP Forgiveness Application and Attestation (pp 3 & 4) 1. Print or export your report to Excel to share with your lender. Certain state and local taxes assessed on compensation. ECDI provides responsible, affordable lending and comprehensive small business development services to help underbanked people and communities join the economic mainstream. Here, you will identify any employees that received compensation at an annualized rate of more than $100,000 for any pay period in 2019. 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. Please refer to the latest guidance from SBA and Treasury to confirm current program rules and how they apply to your particular situation. SBA Form 3508 (01/21) Page 5 Paycheck Protection Program Loan Forgiveness Application Form 3508 Revised January 19, 2021. Schedule A instructions (p 5) 3. Line 8: Enter the amount on line 6 multiplied by the amount on line 7. Get familiar with the spreadsheet. Enter the borrower’s total FTE (a) for a PPP loan made before December 27, 2020, as of December 31, 2020 or (b) for a PPP loan made after December 27, 2020, the last day of … 10 ways to access debt relief for your small business. To first complete your $100,000 validation, click 1. Here is a link to the SBA 147 Note on the SBA’s website: https://www.sba.gov/sites/default/files/2017-09/tools_len147_0.pdf. 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 loan and forgiveness calculations and eligibility may vary. There are currently three SBA forgiveness forms. Payment receipts, cancelled checks, or account statements showing employer contributions to employee health insurance and retirement plans. Main Content. Refer to the SBA.gov for information about your particular situation. Applicable laws may vary by state or locality. Most payroll summary reports include gross pay, adjusted gross pay, net pay, and employer taxes and contributions for each employee. DWH staff is available for further support. Line 12: Add lines 2 and 5. Myranda Mondry is a senior content creator for the QuickBooks Resource Center. 1. In order to calculate your forgiveness amount you need to take the following steps: Step 1: Record the sum of your (1) Payroll costs, (2) Mortgage Interest payments, and (3) Utility costs; Step 2: Subtract the total amount of salary/hourly wage reductions from this number; Step 3: Multiply this number by the FTE Reduction Quotient (Schedule … 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. Enter Cash Compensation (Box 4) from PPP Schedule A Worksheet, Table 2: Line 5. Last modified. ‘PAYROLL COSTS SUPPORTING APPLICATION FOR SBA PAYCHECK PROTECTION PROGRAM, (EMERGENCY SECTION 7(a) LOAN)’ The Center for Nonprofit Excellence prepared this Excel worksheet to help nonprofits collect and present the payroll data they need to apply for the U.S. Small usiness Administration’s Paycheck Protection Program (PPP), Their posted form is a fillable PDF that requires a user to add the PPP … Rent or lease payments in the eight weeks following disbursement of the loan. 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. Schedule C filers with employees ... Excel Sheet with Calculations Return to PPP Loan Page. The Economic mainstream than zero, enter the total we will discuss where we information complete! With employees... Excel Sheet with Calculations Return to PPP loan forgiveness application to employee health insurance and retirement.... 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