I Received the PPP Loan, Now What?

The SBA has finally released the Paycheck Protection Program Loan Forgiveness Application. The application (click here) includes instructions for calculating your forgivable PPP loan amount.

In the spirit of making tracking and calculating your PPP Forgiveness Amount as easy as possible, the Sharp Point Team has put together a PPP Loan Calculator spreadsheet to aid our clients and friends in filling out the loan application and the corresponding schedules and worksheets.

You can download your copy of our fillable spreadsheet here. As always, our team is happy to consult with you on calculating your figures. Please reach out to Yvonne@sharppointbooks.com to schedule an appointment with one of our advisory specialists.

**Please note that the maximum compensation amount that may be forgiven during the 8-week period is capped at $15,385 per owner-employees, self-employed individuals, and general partners.

Eligible costs must be either paid during the Covered Period or incurred during the Covered Period and paid on or before the next regular billing date.

Your Forgiveness Amount is subject to Full-Time Equivalent (FTE) Reductions if you have reduced the number of employees or the average paid hours of your employees between Jan 1, 2020 and the end of the Covered Period.