Quickbooks Quick Tip - PPP Forgiveness Estimator

So, you received PPP funding a while back (YAY!) but now it’s time to put together the items you need to see if you’ve reached your forgiveness goals (BOOO-Sad face emoji). Do not despair, Quickbooks Online has made things easy by creating a PPP estimator! This tool will help you see where you currently stand with your PPP loan regardless of which lender you received the monies from. Not currently a QBO user? No problem! There is also a website you can go to where you can estimate your forgiveness.  Here are a few ways to access QBO’s PPP Estimator…

If you have a QBO account:

Log in. Click “Capital” on the left-hand side bar. On the main page now you should see something this:

From here you can input the loan amount and date you received funds, run specialized reports already tailored to your covered period and launch the forgiveness estimator to run some scenarios and see how certain spending decisions may impact loan forgiveness.

If you use QBO Payroll user, an awesome specialized report available to you is the “Payroll Costs for PPP Loan Forgiveness Determination”. You’ll find under the Reports section on the main PPP center screen. If you click that link, it will pull up a payroll report already filled in with the covered period, show the gross earnings paid to each employee and any allowable employer taxes tallied up to give you a payroll cost total. SO EASY!

If you don’t currently have a QBO account:

Go to this website, or click here: https://aidassist.intuit.com/app/home#/home

This takes you to an easy step by step form that will ask you a few questions and put together the numbers for you based off of the info you provide. Click “Start PPP Estimator” to start calculating!

 You can also access more PPP resources here: https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/loan-forgiveness/

A very helpful section is the “How to Prepare for Loan Forgiveness Applications” which gives you a breakdown of documents you’ll need to have prepared both for Small Businesses and Self-Employed persons.

That’s it…it’s that simple. Happy PPP forgiveness estimating! Stay tuned for more Quickbooks Quick Tips. And if you’ve found any other great ways to track your PPP forgiveness items, comment below, we’d love to hear!