*This post was updated on July 10, 2020.
Below please find a link to the Sheppard, Mullin, Richter & Hampton LLP (Sheppard Mullin) Paycheck Protection Program (PPP) Loan Forgiveness Estimator Workbook (the Workbook), which was created by and is the property of Sheppard Mullin.
The Workbook is intended to help both PPP loan borrowers and those considering taking out a PPP loan better understand the criteria for PPP loan forgiveness and estimate the extent to which their loan usage may qualify for forgiveness thereunder. To that end, the Workbook contains a number of dynamic questions and notes that guide the user through the calculation process, as well as a comprehensive summary section with a corresponding pie chart that distills and explains the estimated outcome given the user’s inputs. The Workbook also includes a “Notes for Users” worksheet that users should review for detailed notes on the Workbook’s key methodologies, assumptions and limitations.
The Workbook is based on the interpretation of the Coronavirus Aid, Relief, and Economic Security Act (under which the Paycheck Protection Program was established), and the rules and regulations promulgated thereunder and regulatory guidance issued in connection therewith (collectively, the CARES Act) by Sheppard Mullin attorneys as of the version date indicated herein and may not represent a complete or accurate application of the CARES Act for the purposes for which this Workbook was created.
Users should first carefully review the “Terms and Conditions of Use” worksheet of the Workbook prior to using the Workbook.
Note: The Workbook previously released in this post has been superseded and replaced by an updated version. Please find that updated version here:
*Things are changing quickly and the measures and interpretations described here may change. Our analysis is necessarily limited by the time sensitivities of the current crisis as well as the absence of precedent for some of what is contained here. This analysis represents our best interpretation and recommendations based on where things currently stand.*