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Law firm owners are in a challenging time. The Paycheck Protection Program Loan provided a tremendous opportunity for small businesses to secure necessary funding to survive the challenges of the COVID-19 pandemic.

The loan application process was filled with “potholes” and uncertainty. The U.S. Small Business Administration has changed the rules many times. When an owner enters into the “Forgiveness Phase”, it becomes even more complex, with the SBA having changed the rules here, as well. To help you through the process for applying for forgiveness, you can purchase this proprietary Excel workbook developed by Kevin Cameron, CPA, of C&L Advisors, to help you navigate your forgiveness amount.

Kevin and his colleagues developed The PPP Loan Expense Tracker and Forgiveness Calculator this easy-to-use tool so you can maximize your billable time while assuring proper explanation and calculations to help staff members and sophisticated clients run numbers and provide illustrations.

The tool provides:

• The user the ability to input dates expenses were incurred and dates expenses are paid with automatic proration if applicable.
• A convenient and simple spreadsheet to track and allocate expenses between payroll and non payroll costs.
• The user the ability to track whether supporting documents required to be submitted with the application have been provided.
• Inputs for wages paid and hours worked for each employee designed to match data and information needed to complete PPP Schedule A worksheets.
• Automatic calculations for reduction in loan forgiveness based on number of full time equivalent employees and certain salary reductions, including inputs to account for safe harbors and other de minimis exceptions to the above limitations.
• Automatic calculations to apply the limitation that non-payroll costs cannot exceed 25% of the Forgiveness Amount.