We’re finding this worksheet to be the easiest method to estimate and track how much of the PPP loan will and won’t be forgiven. The sheet was originally posted on April 24th. We link it again here to add the following notes so that your expectations are set properly. The worksheet does not properly account for the EIDL advance you received, if any that was rolled into the PPP loan. In fact, we aren’t entirely sure how the EIDL advance will affect the calculation because the forgiveness regs that were due early this week still have not been released. Subsequently we cannot properly include it in the spreadsheet. But what we do expect, according to the law, is that the EIDL advance will reduce the forgiveness piece of the PPP loan and will have to be repaid as a result. Although the timing of the EIDL advance and the PPP funding may affect that fact. So here’s the important take-away—although it is possible for the worksheet to result in 100% forgiveness and nothing to be repaid, the reality is that at the very least you may have to repay any EIDL advance received.
- This is an ESTIMATE only. It is not perfect because the calculations would be too complex to program, especially since all the details aren’t known yet.
- At the very least you may have to pay back the amount of the EIDL advance. The worksheet will allow you to get down to $0 to be repaid, but in reality it will in some cases be limited to the EIDL advance amount. (Discussed above.)
- You must use the funds within your 8 week period, which begins on the date of disbursement. Any funds used beyond the 8 week period are not eligible for forgiveness.
- You must have the same number of employees working the same hours at the same pay on 6/30/20 as you did on 2/15/20 to possibly achieve full forgiveness. If you do not, the forgiveness piece will be reduced by a ratio. The spreadsheet is not yet sophisticated enough to account for this piece properly.
Click HERE to download.