WebLine 11. FTE Reduction Quotient (enter the number from PPP Schedule A, line Potential Forgiveness Amounts . Line 12. Modified Total (multiply line 10 by line 11): Line 13. PPP … WebMar 31, 2024 · Calculate potential forgiveness amounts. Line 12: Modified total (line 10 X line 11) Line 13: PPP loan amount. Line 14: Payroll cost 60% requirement (divide line 1 by 0.60) Arrive at the forgiveness amount. Line 15: Forgiveness amount (The smallest of lines 12, 13, and 14) *To calculate your FTE, you can use one of the following methods: Enter ...
PPP Loan Forgiveness Application - midlandsb.com
WebFeb 2, 2024 · Go to Schedule M-1 Items Worksheet. Under Income Items in Other Permanent Items (income), enter a description and the amount of forgiven loan or EIDL advance received. The loan amounts will be reported on Schedule K, line 18b, as other tax-exempt income. An adjustment for the loan will generate on Schedule M-1, line 6. For S-corporate … WebJun 22, 2024 · The loan application consists of three pages and does not include the PPP Schedule A form and Schedule A worksheet; it only includes the following: PPP Loan Forgiveness Calculation form, similar to the standard PPP forgiveness calculation form, but omits the section for Adjustments for FTE and Salary/Hourly Wage Reductions; Borrower ... tforce 5500 w lower buckeye rd
PPP Loan Forgiveness Application Step-by-Step Guide
WebNov 11, 2024 · To get started on your PPP loan forgiveness application we suggest starting with the PPP Schedule A (Page 3 of SBA Form 3508). The easiest way to fill out the … WebMay 18, 2024 · Line 9 (PPP Loan Amount): $14,167. Line 10 (Payroll Costs 75% Requirement): $13,949. Line 11 (Forgiveness amount): $13,949. Despite having more … Web4 Or the date you submit the forgiveness request if you submit before the end of the 24-week Covered Period. 5 The selected time period must be the same time period selected … t force 512gb