July 28, 2020
PPP Loan Forgiveness Application Documentation and Reports Packet
Many of you secured a PPP loan over the past few months and have since completed your 8-week period. With the loan period ended, you may be ready to begin your loan forgiveness application. We are excited to announce that Employer Advantage has developed a reporting package that is now available to assist with completing your loan forgiveness application.
(Please note: there is no immediate deadline to complete this application, so do not feel pressured to rush. We are merely letting you know this tool is available for whenever you need it.)
To receive your reporting package, please click here to submit your request. We expect the request volume to be high at first, so please allow 3-5 business days for us to compile and send your packet.
The loan forgiveness support package consists of the following reports:
Full Time Equivalent Analysis - compares the FTE calculation for the designated loan period with two historical periods (1/1/20-2/29/20 and 2/15/19-6/30/19). You will have the freedom to select which of the historical periods are most favorable to you. Please note that the “Full Time Equivalent Analysis” report provided with your package is the standard report and is calculated based on the SBA’s guidelines; however, the lookback periods may not align with a given pay period or work week, and this can slightly skew the lookback numbers. As these variances are minimal, we believe the standard report should suffice in most cases. If you desire, a simplified version of this report can be run in MyAdvantage by searching for “COVID-19 PPP Forgiveness Reports”, which will allow you to customize your lookback period dates to match your pay periods and will use a simplified 1.0 or 0.5 designation for each employee. This report follows the pattern prescribed by SBA as a Simplified FTE Headcount. This alternative may not be favorable to many businesses but is available should you desire to use it. (Please see the attached instruction guide on running the simplified version.)
Payroll Cost Report - Shows employee detail and totals of PPP Loan qualifying costs (Wages, Health Insurance, Retirement, and State/Local Employer Tax Assessments). If you are using the standard application and Schedule A, this report conveniently divides your employees into Table A and Table B listings.
Benefits Billing Detail Report (if EA provides administration for health, dental, and/or vision plans)
SUTA Wage Detail
Quarterly Tax Summary
This package should satisfy the SBA’s provision for accepting PEO/Payroll Processor reports in lieu of other forms of documentation and tax returns.
If you have any questions or need access to the latest PPP loan forgiveness applications, please visit our COVID-19 Resources Page (eacovid19help.com) under the “PPP Loan Forgiveness Resources” section on the home page, or reach out to us by email at firstname.lastname@example.org. We are here to help.
The Employer Advantage Team