Paycheck Protection Program (PPP) Loan
Assist your clients with an application for the Paycheck Protection Program (PPP), as a response to COVID-19.
Paycheck Protection Program (PPP) Template
Download your free Paycheck Protection Program template to personalize and use in your bookkeeping or accounting firm.
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About this template
This is Gusto's best practice template for the Payment Protection Program (PPP).
The start date is the day to begin work and the due date is the date to submit materials for loan forgiveness. The work assignee is the Accountant.
Use the Gusto Accountant Dashboard to complete the Payment Protection Program (PPP) loan quickly (payroll calculation, supplemental materials, and documentation for loan forgiveness)
You can also view the bulk Payment Protection Program report and the Gusto COVID-19 Resource Centre.
If you are an agent
It may be in your interest to complete the application with the client as an agent. While agents are not permitted to collect fees from the borrower, they are paid out from the PPP loan proceeds as follows:
- 1% for loans of not more than $350,000
- 0.5% for loans of more than $350,000 and less than $2 million
- 0.25% for loans of at least $2 million
Once you calculate the proceeds, be sure to update the budget on the individual work item to track the amount owed by the lender from the fees they collect from the SBA.
AICPA guidance
However, per the AICPA guidance, you may not need or want to be an agent.
The AICPA states: "If a CPA firm is charging fees for advising the small business in deciding which loan program and tax relief program is best for their business, we think it is reasonable that those fees would fall outside this provision of the CARES Act. Thus, a firm can perform services outside of loan preparation assistance, and those fees would be paid by the client."
How to use this template
Add this template to Karbon
Get more out of this template by adding it to your Karbon Practice Management cloud-based software, including:
- Time and Budget Estimates
- Task Automation
- Client Task Automation
- Client Work Scheduling
Alternatively, you can
.How to customize a template
You can edit any saved template to fit your firm's specific needs. Before making changes, duplicate a pre-populated template by selecting it, clicking the "..." menu, and choosing Duplicate.
Common customizations:
- Reorder or nest tasks
- Add or remove tasks
- Edit the client task email
- Use or modify Tasklist automators
Read the support article to learn more.
About Gusto
Gusto was built for small businesses, from sole prioprietors to W-2 employers. Automatically file payroll taxes, streamline benefits, and provide direct access to HR experts.
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