How to Run a PPP Loan Forgiveness Report in Beyond
Although the Paycheck Protection Program (PPP) ended on May 31, 2021, borrowers with existing loans might still be eligible for loan forgiveness.
As of March 13, 2024, all borrowers, regardless of loan size, can utilize the Small Business Administration’s direct forgiveness portal.
- For loans of $150,000 and below:
- Use SBA Form 3508S PPP Loan Forgiveness Application + Instructions.
- This form does not require borrowers to provide additional documentation upon submission for forgiveness.
- However, borrowers should be prepared to provide relevant documentation if requested during a loan review or audit.
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- For loans over $150,000:
- Use SBA Form 3508 PPP Loan Forgiveness Application + Instructions OR SBA Form 3508EZ PPP Loan Forgiveness Application + Instructions.
- These forms require borrowers to submit additional documentation with their application.
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Once you have run your report, you can use our guide to fill out the Schedule A.
What Is PPP Loan Forgiveness?
If your business received a PPP loan, you can apply to have some or all of it forgiven. Our PPP Loan Forgiveness Report will help you and your lender determine the amount of forgiveness to apply for, ensuring it’s based on eligible payroll expenses that meet the Small Business Administration (SBA) requirements.Â
Report Usage Guidelines
The information in this report comes from Beyond’s payroll records and tax documents from the relevant period. If you have not processed all payrolls for that period, this report may be incomplete. Additionally, for individuals or entities who filed or will file a 2019 Form 1040 Schedule C, this report does not exclude or limit owner compensation or covered benefits for owners.
Once you run the report, you can download it as an Excel spreadsheet. This allows you to edit any information not already included by Beyond. The totals will automatically recalculate. Borrowers are solely responsible for the accuracy of all information submitted for their PPP loan forgiveness application and must certify that the documentation is correct.
How to Run the PPP Loan Forgiveness Report
- From your Company Dashboard, click Covid-19.
- Select PPP Loan Forgiveness Report.
- Enter the start date and duration of the covered period you want forgiven. Choose between an 8-week or 24-week covered period for this report, then click View Report.
- Once you click View Report, check your downloads folder for a new “.xlsx” file.
Beyond's PPP Loan Forgiveness Report Overview
The Beyond PPP Loan Forgiveness report is designed to assist you in completing the PPP Loan Forgiveness Application. The report is divided into two sections to correspond with the requirements of PPP Schedule A and its worksheet.
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Section 1: Employees Earning Less than $100,000 in 2019
This section includes totals for all employees who:
- Were hired in 2020, or
- Earned less than $100,000 in 2019.
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Section 2: Employees Earning $100,000 or More in 2019
This section contains totals for all employees who earned $100,000 or more in 2019.
Need Help?
If you still have any questions, please don’t hesitate to reach out. Our team will be happy to provide answers and assist you in any way we can.