Paycheck Protection Program (PPP) icon

Paycheck Protection Program (PPP)


Download your free Paycheck Protection Program template to personalize and use in your bookkeeping or accounting firm.

A preview of the 'Paycheck Protection Program (PPP)' templatePaycheck Protection Program (PPP)Prep2 AutomatorsGather all payroll documentation from Gusto — / assemble the necessary details to complete the initial PPP loan application (and schedule client meeting)CompletedBusiness details (entity, name, address, TIN, Phone, Contact, Email)CompletedPayroll details (monthly payroll, x2.5 amount, employee count, purpose)CompletedApplicant ownership (name, title, ownership %, TIN, address)CompletedSchedule the PPP loan submission virtual meeting with the client (or send them the loan details)Ready To StartDue TodayAdvise

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."

Review the PPP regulations.