Free PPP Loan Forgiveness Application Calculator & Creator
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Therefore, we allow you to email yourself (or your accountant) partially and fully completed applications with a secure attachment, which can be reopened whenever you revisit this site.
We Created it Because You’re Part of Our Mission
We Stand Side by Side with Small Business
The automated loan forgiveness application is the first part of our larger digital solution designed to automate the entire PPP application and forgiveness process for lenders.
We’re offering the automated application to borrowers for free in an effort to reduce the financial burden on the small business community as a whole during the COVID pandemic, as well as to spread awareness of Reliant Business Valuation’s tech enabled valuation solutions.
Industry experts and bank associations describe the complexity of the current forgiveness process
Your Questions Answered
- Salaries paid during your covered period
- Salaries and/or Hourly wages paid from January 1, 2020 to March 31, 2020
- Hours worked by employees during the covered period or Alternative Payroll Covered Period
- Employees who received compensation from the Borrower at an annualized rate of more than $100,000 for any pay period in 2019
The owner compensation that can be claimed for forgiveness for an owner is calculated based on the eight-week equivalent of 2019 compensation. The calculation of owner compensation is based on the following, and is forgivable up to $15,385:
- Owner-employees are capped by the eight-week equivalent of their 2019 employee cash compensation and employer retirement and health care contributions made on their behalf.
- Schedule C filers are capped by the eight-week equivalent of their owner compensation replacement, calculated based on net profit.
- General partners are capped by the eight-week equivalent of their 2019 net earnings from self-employment (reduced by claimed Section 179 expense deduction, unreimbursed partnership expenses, and depletion from oil and gas properties) multiplied by 0.9235.
As per SBA Form 3508, Non Payroll costs eligible for forgiveness consist of:
- Covered mortgage obligations: payments of interest (not including any prepayment or payment of principal) on any business mortgage obligation on real or personal property incurred before February 15, 2020 (“business mortgage interest payments”);
- Covered rent obligations: business rent or lease payments pursuant to lease agreements for real or personal property in force before February15, 2020 (“business rent or lease payments”)
- Covered utility payments: business payments for a service for the distribution of electricity, gas, water, transportation, telephone, or internet access for which service began before February 15, 2020 (“business utility payments”).
- Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees.
- Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:
- Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941).
- State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state.
- Health Insurance / Retirement Benefits
- Payment receipts, cancelled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the Borrower included in the forgiveness amount
- Documentation regarding any employee job offers and refusals, firings for cause, voluntary resignations, and written requests by any employee for reductions in work schedule.
- Documentation showing (at the election of the Borrower):
- the average number of FTE employees on payroll per month employed by the Borrower between February 15, 2019 and June 30, 2019;
- the average number of FTE employees on payroll per month employed by the Borrower between January 1, 2020 and February 29, 2020; or
- in the case of a seasonal employer, the average number of FTE employees on payroll per week employed by the Borrower between February 15, 2019 and June 30, 2019; between January 1, 2020 and February 29, 2020; or any consecutive twelve-week period between May 1, 2019 and September 15, 2019.
The selected time period must be the same time period selected for purposes of completing PPP Schedule A, line 11. Documents may include payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941) and state quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state. Documents submitted may cover periods longer than the specific time period.
- Business mortgage interest payments:
- Copy of lender amortization schedule and receipts or cancelled checks verifying eligible payments from the Covered Period; or lender account statements from February 2020 and the months of the Covered Period through one month after the end of the Covered Period verifying interest amounts and eligible payments.
- Business rent or lease payments:
- Copy of current lease agreement and receipts or cancelled checks verifying eligible payments from the Covered Period; or lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments.
- Business utility payments:
- Copy of invoices from February 2020 and those paid during the Covered Period and receipts, cancelled checks, or account statements verifying those eligible payments.
As we have made a promise to not store any sensitive information, we will not be facilitating the upload of your documents to the lender. Instead, based on your input in the application, we will create a list of documents you will need to submit to your lender along with the filled out application.
Calculator & Creator