Applying with Kabbage does not limit you from applying with other lenders, but you may only accept and sign one Program loan agreement.PPP loans issued after 6/5/2020 will have a 5-year term.Any reduction in an employee’s salary or hourly wages of more than 25% will be subtracted from your eligible loan forgiveness amount. This was the deadline for SBA approval. You need to know the following information for Line 9:The loan application instructions have an expanded definition of owners that is listed as “owner-employees/self-employed individual/general partners.” These wages are capped at different amounts, depending on whether you use an 8-week or a 24-week forgiveness period.If you’re using a 24-week period, the owner’s earnings are capped at either $20,833 or the 2.5 month equivalent of the owner’s 2019 annual salary, whichever is lower.If you’re using an 8-week period, the owner’s earnings are capped at either $15,385 for each individual or the eight-week equivalent of their applicable compensation in 2019, whichever is lower.Do not include these wages in either of the tables included in Schedule A.Once you have completed Schedule A and the Schedule A Worksheet, you can return to the Calculation Form. This is the most straightforward of all the payroll sections. It will need further manipulation. Loan agreements will identify the lender to small businesses at signing, and any loan made under the Program must also be submitted to and approved by the SBA. This documentation must include copies of the applicable requirements for each borrower location and relevant borrower financial records.Documentation supporting the PPP Schedule A Worksheet “FTE Reduction Safe Harbor.”. There is no cost to you to apply for a Program loan. Ԁc��b?�% %E9�2�q��S0���8�$άp�BI)ԮM0P1�9� (kP��� T8��*��T(!aa�6$�"��\IIR)�H�B�i+��:��4�n��q J�j4:e�YA��T�̚"rP�t��L��f`f� ��?jX�QԠU00 You must use the 24-week period if you received your loan on or after June 5.This date cannot extend past December 31, 2020.8- or 24-week period that starts with the first day of the pay period after the loan disbursement date.Again, if you received your loan before June 5, you can choose between using an 8- or a 24-week period. You need to know what an FTE is to fill out the tables on the Schedule A Worksheet….The PPP considers full-time equivalents to be 40-hour employees. It also requires some information that you can’t provide until you complete Schedule A and the Schedule A Worksheet, which come later in the application.However, you can complete some information—if you have it on hand. If you get lost or stuck, you can find the instructions for the application.The Calculation Form asks for general business information. The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. You can view this via the Payroll Details report as well.Set the date parameter to the pay date which included 2/15/2020.Find the employee in question in the report, and note the “average hourly wage” on that pay stub. Be warned: this can change your forgiveness quotient, which plays a big role into how much of your loan is forgiven. If you received your loan on or after June 5, you must use the 24-week period.Example: You have a weekly paycycle that runs from Sunday to Saturday. The application contains three major parts: the Calculation Form, Schedule A, and the Schedule A Worksheet. You may have to do some addition if the employee has more than one rate. Regardless of which method you choose, keep it consistent across the entire application whenever you have to calculate FTEs.There are FTE Reduction Exceptions and FTE Reduction Safe Harbors available if your FTE quotient comes out to less than a 1.00:In short, these exceptions and safe harbors protect you from taking a hit on loan forgiveness for a reduction in work staff that was unrelated to the inability to pay wages.Now that you’re a little more familiar with FTEs, let’s take a look at Tables 1 and 2 on the Schedule A Worksheet.There are two tables for “non-owner” employees. This includes sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19 established by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration.Reduced your FTE levels between February 15, 2020 – April 26, 2020 AND restored levels by December 31, 2020.Cash Compensation (during the Covered Period or Alternative Covered Period),You can find this information in Patriot Software by running the Payroll Details report. The rest of the lines include data that is calculated on Schedule A. The simple method assigns a 1.0 to any employee who works 40 hours or more, and a 0.5 to employees who work fewer than 40 hours. If you have this information available, enter it on these lines:Unfortunately, this is all you’ll be able to do without completing Schedule A and the Schedule A Worksheet. %PDF-1.6 %���� Use this form to apply for the Paycheck Protection Program (PPP) with an eligible lender. How to Complete the PPP Loan Forgiveness Application. The authority of SBA to approve PPP loan guarantees expired at midnight, EDT, on Saturday, August 8. You receive your loan on April 2, 2020, so your Alternative Covered period would start on April 5, 2020. A good portion of the data you need for Schedule A won’t come directly out of a Patriot report at this time. The AICPA offers a spreadsheet (available for download.Regardless of if you choose the ppp.bank tool, AICPA spreadsheet, or neither, you need the same key pieces of data. Find the,Set the date parameters to your Alternate Covered Period (if using one), and group this report by “employee.”.Once you run the report, you can export it to a spreadsheet and total up the compensation columns for each employee by creating a new column and summing the relevant information.Exclude paid leave wages paid under the FFCRA (COVID 100, COVID ⅔, COVID Family Leave) from this total.Average FTE (Total Hours Worked in Covered Period or Alternative Covered Period):This information pertains to hourly employees.You can find this information in Patriot Software by running the Payroll Details Report (Reports > Payroll Reports > Payroll Details).Be sure to set the date parameters to your Alternate Covered Period (if using one) and to group this report by “employee.”.Once you run the report, you can export it to a spreadsheet and total up the hours columns for each employee by creating a new column, and summing the relevant information.Similar to the Cash Compensation calculation, leave out hours recorded in accordance with the FFCRA (COVID 100, COVID ⅔, COVID Family Leave).Total Number Days employed during the Covered Period.This information pertains to your salaried employees.If an employee was employed through the duration of the period, this will be 168 days (24 weeks) or 56 days (8 weeks).If you had to lay off or furlough staff during the covered period, you may need to refer to your employment records to determine what portion of the period those employees were covered.Salary/Hourly Wage Reduction (Average Annual Salary or Hourly Wage between 1/31/2020 – 3/31/2020).This information is relevant to both hourly and salaried employees.You can find this information in Patriot Software by using the Payroll Details Report under Reports > Payroll Reports > Payroll Details.Be sure to set the date parameters to January 1, 2020 – March 31, 2020 and to group this report by “employee.”.After you run the report, you can export it to a spreadsheet and total up the compensation columns for each employee by creating a new column, and summing the relevant information.After determining the amount of compensation for January 1 – March 31, multiply the amount by 4 to determine the “average annual salary” of Q1 2020, for salaried employees.

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