PPP Tools and Checklists

If you or your clients have received a Small Business Administration (SBA) loan through the Paycheck Protection Program (PPP), estimating the PPP loan forgiveness amount is based on many factors. Use the PPP Loan Forgiveness Estimator, created by Paychex®, to assist you and your clients with understanding how much of the PPP loan may be forgiven by the federal government.

If you or your clients are a new or existing Paychex Flex® customer, access to a more robust estimator is available. It features the ability to generate, save, and print a signature-ready loan forgiveness application. Accounting professionals may access this tool through AccountantHQ (AHQ) on their clients’ behalf.

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By using the Loan Forgiveness Estimator, Powered by Paychex, you are leaving the CCH Incorporated site and CCH cannot attest to the accuracy of any third-party site. Linking to a non-CCH site does not constitute an endorsement by CCH or any of its employees of the information and products presented on the site. You will be subject to the destination site’s privacy policy when you use the Forgiveness Estimator.

Latest Paycheck Protection Program Developments

SBA Issues Year-end PPP Loan Forgiveness Report
Jan. 06, 2022 — The Small Business Administration (SBA) issued it’s year-end Payroll Protection Program (PPP) loan forgiveness report.

IRS Guidance for Treatment of Tax Related to PPP Loan Forgiveness
Nov. 23, 2021 — IRS Provides Important Guidance for Treatment of Tax Exempt Income and Timing Of Basis Adjustments Related to PPP Loan Forgiveness.

Paycheck Protection Program Loan Forgiveness Percentage Increases; 2020 Loan Risks
Oct. 11, 2021 — It is important for 2020 PPP loan recipients to apply for forgiveness as soon as possible to avoid being subject to loan repayment obligations that include accrued interest.

400,000 PPP Loan Recipients Used the Forgiveness Application Portal: 1,300 Lenders Are Participating
Aug. 20, 2021 — The Small Business Association’s (SBA) new PPP direct forgiveness application portal has received almost 400,000 submissions, with nearly 1,300 lenders participating, according to the agency.

SBA Announces Forgiveness Application Portal to Accept Application Beginning August 4th: Over 600 Banks Opt-in
July 29, 2021 — Newly launched PPP forgiveness application portal will begin accepting applications from borrowers that have a PPP loan with a lender that has opted in, on August 4.

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Articles by Wolters Kluwer Experts

Paycheck Protection Program 2021: What You Need to Know
Jan. 6, 2021 — New PPP features provided for in the Consolidated Appropriations Act, 2021, and changes made from the original PPP loan program.

PPP Deduction Safe Harbor Provided if Loan Is Not Forgiven
Nov. 20, 2020 — The IRS has released rulings concerning deductions for eligible PPP loan expenses (Rev. Proc. 2020-51; Rev. Rul. 2020-27).

State Tax Treatment of Paycheck Protection Program (PPP) Loan Forgiveness
Oct. 1, 2020 — Many states conform to the federal CARES Act and PPP provisions, while some states may impose a tax on PPP loan forgiveness.

Document the Path to Payroll Protection Program Loan Forgiveness
July 16, 2020 — Guidance concerning required PPP loan forgiveness documentation.

Practitioners' Corner
June 18, 2020 — Wolters Kluwer interview provides outlook on ever-evolving Paycheck Protection Program.

Important Changes to PPP Forgiveness Rules Enacted
June 5, 2020 — Discusses change to PPP forgiveness under the Paycheck Protection Program Flexibility Act.

Paycheck Protection Program Flexibility Act
June 5, 2020 — Trump signs into law bipartisan Paycheck Protection Program Flexibility Act, easing the burden on small business for PPP loan forgiveness.

PPP Loan Forgiveness & Application: Key Takeaways
May 22, 2020 — An explanation of the key takeaways from the PPP Loan Forgiveness application and subsequent guidance from the SBA and Department of Treasury.

Calculating the Amount that Can Be Borrowed
May 4, 2020 — Based on SBA guidance, this article focuses on calculating the amount that can be borrowed by a small business under the PPP.

Independent Contractors & Sole Proprietors
April 29, 2020 — PPP loans raise special issues for independent contractors and sole proprietors.

PPP Loan Questions Now Concern Forgiveness
April 22, 2020 — Deep-dive into the eligibility of PPP loan forgiveness and the types of debt forgiveness that are excluded.

Small Business Loan Forgiveness
March 27, 2020 — In-depth look at the new legislation surrounding Paycheck Protection Program (PPP), including practical analysis, expert commentary and planning notes.

Additional Resources

Treasury Overview

Overview & Program Rules (Treasury Department)

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Small Business Administration Guidelines

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PPP Supported by TSoftPlus™ (Lenders)

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