PPP - Monthly Payroll Report for Loan Calculations
If you are an ASAP Accounting & Payroll client and need data for your Paycheck Protection Program (PPP) Loan application, we created a custom file format to export your payroll data by month with the categories most banks are requesting. If your bank is requesting different data, please let us know.
The report can be run across any date range. It exports to a CSV file format, which you can open with Excel.
Paid Employee Count: Simple count of paid employees during the month or the period
Total Wages: Includes all taxable wages with the only exception being 2% shareholder health items as those premiums are likely to be recorded in the ER Health Expense employers will add in directly.
S125 Pre-Tax Deduction: Exports any Section 125 Health, Dental, Vision, AFLAC, HSA deductions that fall under a Section 125 cafeteria plan. Data is shown to assist those attempting to confirm wages against 941 forms. Column is not used in the PPP Cost Calculation.
Medicare Wages: Shown here to assist those attempting to confirm wage data against 941 forms. Column is not used in the PPP Cost Calculation.
Tips: Informational column listing all reported tips on payroll. Tips are already included in the Total Wages column, thus Tips column is not used in the PPP Cost Calculation directly.
Sick/Vacation: Some lenders are requesting itemized Sick, PTO, or Vacation payments by month. Those earnings are already included in the Total Wages column, so this is informational only. Column is skipped in the PPP Cost Calculation as wages are already included in Total Wages column.
2% Shareholder Health (excluded): There isn't clear guidance yet in this area, but we decided to itemize and not include these shareholder taxable memo items as the wages are not taxable for Medicare and most employers will include the premium costs in another column.
Over $100K Wages: These are any wages for an individual that exceed $100K in a calendar year; excluded from the PPP Loan Calculation.
PPP Applicable Wages: This is Total Wages column - Over $100K column
ER State/Local Taxes: Essentially the employer's State Unemployment Insurance (UI) and any Local Occupational Privilege Taxes (OPT), but in some states other tax types are included as long as they are employer expenses.
ER Retirement Match: Any employer 401k/Simple IRA match expenses. Does not include any employee contributions.
ER Health Exp: This column is left blank, but employers should use this space to add in any health, dental, or vision premium amounts paid by the employer so long as it is a qualified group plan. This should be the employer net expense only. If you deduct a portion of premiums from the employees, make sure you use the employer's net expense only.
Total PPP Costs: PPP Applicable Wages + ER State/Local Taxes + ER Retirement Match + ER Health Expense
12-Month Average: Total for period divided by 12 months = monthly average calculation
2.5x: Shows the potential loan basis that your lender will calculate
Disclaimer: This information is provided as a self-help tool and does not constitute legal or financial advice. Laws, regulations and lending products are changing daily and decisions as to whether or how to use this information and/or what actions to take in response to the COVID19 Pandemic are solely those of the employer. The providers of this information disclaim any and all responsibility and liability for its accuracy, completeness or fitness for your particular business purposes.