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NEW PPP Loan Forgiveness Workbook – Updated 7/8/20

07-08-2020

 

We are happy to provide you with this comprehensive tool for PPP Loan Forgiveness. Since our original release, the workbook has been downloaded more than 50,000 times. This comprehensive tool was designed through a collaboration with Albin, Randall & Bennett CPAs. We are happy to have worked together to create our comprehensive tool for PPP Loan Forgiveness.

Please read this list to learn more about what has changed and how to use the workbook:

  • This edition has been streamlined to simplify the calculation process, consolidated into a single workbook that is customizable for all small business types, and modified to incorporate the latest legislative changes to the Paycheck Protection Program (PPP).
  • This single workbook contains drop-down options for weekly, biweekly, monthly, and semi-monthly payroll calculations.
  • The workbook now simplifies the calculation of FTEs. Based on the data entered for the simplified or average method, the workbook chooses the best option to minimize forgiveness reductions.
  • Additionally, the workbook includes the new FTE safe harbors.
  • A Summary Analysis has been included, allowing for review of the data by employee.
  • The data entry for payroll and non-payroll costs is set up for weeks 8 through 24 with the option to choose the week you would like to use for the forgiveness calculations, allowing you to determine the best week to maximize forgiveness.

Please note, the Tool is not a “Precision Tool.” 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. Additional guidance issued by the SBA and Treasury Department after July 7, 2020 may materially impact the loan forgiveness calculations. Please see tab labeled “Significant Assumptions” for a list of assumptions that may change as official guidance is released. For actual loan forgiveness, please verify the information provided in these calculations to ensure its accuracy. We hope you find the tool useful and look forward to assisting you with these calculations.

A password is not required to access and use our PPP workbook. We recommend only viewing and working in the orange highlighted cells, as the rest of the workbook is protected to prevent overriding calculations, misappropriating proprietary information, or allowing for human error in inputs. Once downloaded, enter the date your loan proceeds were received and the total amount of loan proceeds received on the “Cover” tab then proceed to each additional tab and follow the directions at the top of the page. Enter all the information requested and then go to the “Summary Analysis” tab for a report on your forgiveness.

 

Download case study with sample data.

 


 

Need help applying for Loan Forgiveness?

Boyer & Ritter can help you navigate through compliance requirements of the loan forgiveness program, to help ensure maximum forgiveness is received, and provide a reliable and trusted source of information for your lender and the government. The benefits your organization can receive from the loan forgiveness are too important to risk errors. Learn more about how we can help.

 


 

Helpful Resources:

PPP Loan Forgiveness Workbook FAQs

(7/7) PPP Loan Forgiveness Workbook – UPDATED Instructional Video

(7/7) PPP Loan Forgiveness Workbook – UPDATED Case Study

(6/17) Loan Forgiveness EZ Application (PDF) and Instructions

(6/17) Loan Forgiveness Application (PDF) and Instructions

Review Updates from SBA and Treasury from May 15, 2020 and May 22, 2020.

 

 

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PPP Loan Forgiveness Workbook

With this download, you will receive a total of 4 documents. Two simplified and two average, one for weekly and one for monthly/semi-monthly. Use the document that works best for your company.