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 Warns PPP Money Likely to Run Out Before Extended Deadline for Small Businesses
April 6, 2021 — The Small Business Association (SBA) and advocacy groups have warned that PPP funds are likely to run out long before the extended May 31 deadline to apply.

Biden Extends PPP for Small Business Through May 31
March 31, 2021 — President Joe Biden signed the Paycheck Protection Program (PPP) extension into law on March 30, extending federal aid for small businesses through May 31.

Biden Administration Announces Changes to PPP to Help Small and Minority-owned Businesses
Feb. 22, 2021 — The Biden administration on Monday, Feb. 22 announced changes to the payroll protection program with the goal of helping small and minority owned firms as well as sole proprietors.

SBA Reopens PPP to Small Lenders on Friday, Jan. 15
Jan. 14, 2021 — PPP loan portal reopens to lenders with $1B or less in assets for First & Second Draw applications on Jan. 15, fully opens on Jan. 19.

SBA and Treasury Announce Reopening of PPP and Provide Application Forms
Jan. 11, 2021 — PPP re-opens for new borrowers and certain existing borrowers.

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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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SEC

Small Business Administration Guidelines

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TSoftPlus

PPP Supported by TSoftPlus™ (Lenders)

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