CARES ACT COVID-19 Resource Now Available
We are pleased to provide you with this comprehensive tool designed to help you fill out the
PPP Loan Forgiveness Application.
This comprehensive tool was originally created by our operations staff for internal use, but now we will
are preparing to create a version that anyone can use. Deployed in Excel
we are happy to have worked together to provide you with a tool to complete the PPP Loan Forgiveness Application.
Here are some highlights about what you are going to see when using the tool:
- This version simplifies the calculation process to help you make entries into the SBA form 3508.
- The worksheets incorporate recent legislative changes that affect forgiving loans by the Paycheck Protection Program (PPP).
- The workbook handles the calculation of FTEs. Based on the data entered we give you the best option to minimize forgiveness reductions.
- Most importantly the Forgiveness Amount Calculation
- Completing the PPP Schedules and Worksheet
Please note, 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 at the time it was developed. Additional guidance issued by the SBA and Treasury Department
may materially impact the loan forgiveness calculations. I hope you find this tool useful.
Steps to follow
Be sure you have the LATEST and most recent copy of the SBA Form 3508.
There are multiple versions published, and to add to the confusion, the SBA maintains and does not retire the old versions
when new ones are issued.
Gather all of your payroll data starting from the time the loan was issued until the present time
Select an 8 week or 24 week time period, to maximize payroll forgiveness choose 24 weeks
Optionally gather your Health Insurance and Office expenses
Produce a payroll report for the time frame needed
Produce other relevant payroll and tax reporting reports for example the quarterly form 941's
Read carefully the SBA Form 3508 Instructions
Download the Spreadsheet
Download the Spreadsheet Instructions from this link or the first cell of the spreadsheet
Follow the instructions inside the Spreadsheet and pass the values into the form 3508
Contact your bank or lending institution and provide all the documentation requested
Disclaimer:
I/We are not CPA's or Attorneys and while you are free to use the tool, we are not able to assist you with these calculations.
A password or registration is not required to access and use our PPP loan forgiveness spreadsheet tool.
We make no warrant as to the accuracy or reliability of this software. You assume any and all liabilities
associated with its use. For the best advice, seek out and consult with a licensed and registered CPA.