Loan Forgiveness Calculator for Independent Contractors and Sole-Proprietors A Simplified Calculator to Help Sole-Proprietors
Loan Forgiveness .xlsx Excel Calculator for Independent Contractors and Sole-Proprietors
A Simplified Calculator to Help Sole-Proprietors
INCLUDES PERMA-LINK TO ALWAYS DOWNLOAD THE LATEST UPDATED VERSION
CPAs and tax advisors throughout the United States thought tax season and the 199A calculation was challenging, but what about the PPP Loan season! Not only are CPAs and tax advisors overwhelmed with questions regarding PPP Loans, they will need to help their clients determine how much of their loan could be forgiven.
While calculating PPP Loan forgiveness for Independent Contractors and Sole-Proprietors that do not have employees is generally easier than for employers with a number of employees, there are nuances to the calculation and the forgiveness calculation is not as straight forward as many believe.
Following the successful launch of the PPP Loan Expense Tracker and Forgiveness Calculator ™ for CPA's and Other Financial Professionals, we are now releasing the
PPP Loan Expense Tracker and Forgiveness Calculator for Independent Contractors and Sole-Proprietors that do not Have Employees ™
This easy to use Workbook allows you to:
- Efficiently, effectively, and accurately, in accordance with SBA guidelines and applicable law.
- Minimize your time in making the necessary computations.
- Deliver a professional report to your client that they may be able to submit directly to their lender with their Forgiveness Application.
- Be a Hero to your client!
This new Calculator allows you to:
- Easily input expenses into a simplified tracker – anyone can be trained on how to do this.
- Enter 2019 Schedule C net income amount
- Automatically populates forgiveness calculations that tie directly the applicable lines on the Forgiveness Application.
The PPP Loan Expense Tracker and Forgiveness Calculator for Independent Contractors and Sole-Proprietors that do not have Employees™ was custom-designed and tested by Kevin Cameron, CPA in association with the CPA firm of C&L Value Advisors, LLC with the assistance of Alan Gassman and John Beck as well as many clients who tested and provided feedback on it.
This easy-to-use tool lets you maximize your billable time while assuring proper explanation and calculations to help staff members and sophisticated clients run numbers and provide illustrations.
The PPP Loan Expense Tracker and Forgiveness Calculator for Independent Contractors and Sole-Proprietors that do not Have Employees™ provides the following functionality:
1. Ability to input dates that expenses were incurred and dates expenses are paid.
2. Ability to input the client’s 2019 Schedule C net income amount and automatically calculate the Owner Compensation Replacement Amount.
3. Automatic calculations to apply the limitation that non-payroll costs cannot exceed 25% of the Forgiveness Amount.
4. Automatically provides the amount of the loan that needs to be repaid, taking into account an EIDL loan received by the client.
5. AND MUCH MORE!
Available for financial professionals and their clients, the tool comes with a no-questions-asked, moneyback guarantee.
An instructional video is included that will include the following:
1. Kevin's excellent explanation of the spreadsheet, and PPP loan proceeds use and forgiveness rules, using the spreadsheet as a line by line accountability, client education and tracking tool.
2. See how the 75% test actually works as numbers are put on the spreadsheet and changed.
3. Discussion of what is in included in the words "Utilities" and other categories of expenses as are applicable to Independent Contractors and Sole-Proprietors.
4. How the spreadsheet can be used to fill in the loan forgiveness application.
5. AND MUCH MORE!
Testimonials from previous presentations with Kevin's original PPP Loan Expense Tracker and Forgiveness Calculator™ include the following:
Please thank Kevin Cameron CPA GREAT webinar and spreadsheet...clients doctors etc and their staffs would really benefit a great deal from this particular presentation - LS, CPA
Thank you very much. Wonderful excel file! - WH, CPA
Thank you for a very informative webinar and the expense tracker. - JC, CPA
I can't thank you enough for making this available. It will save me significant time and help assure that the advice I am giving my clients is sound and understandable. Hat's off to Kevin for what he has done here.- RD, CPA.
Oh my gosh thank you so much and please thank Kevin. The information coming in from your firm is Gold compared to what I have seen from others. Thanks again. Amanda.
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