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In the complex method the total FTE is 2.25 at February 15 and 2 at June 30. Worksheet Schedule A Loan Forgiveness Calculation Form PPP Loan Disbursement Date • Date you received PPP loan from your lender • If you received the loan on more than one date, enter the 1st date you received PPP loan money (this date may not be the same date on the acceptance letter so check your checking account statement) All Covered Period (CP) • 8-week (56-day) period • 1st date = "PPP Loan … PPP Loan Forgiveness Application: Full-Time Equivalent (FTE) Employee Calculation. This site is brought to you by the Association of International Certified Professional Accountants, the global voice of the accounting and finance profession, founded by the American Institute of CPAs and The Chartered Institute of Management Accountants. Updated 6/25/2020. There will be a difference between these two approaches. Health Cost The default Health Cost … We've created a free spreadsheet to help you walk through the application process. There will be a difference between these two approaches. I say "may" because the final rules on forgiveness aren't published yet, so the spreadsheet is based on my current research and published guidance so far. The forgiveness … The U.S. Treasury defines a FTE as any employee who works 40 hours per week or more. 1. In order to apply for forgiveness of the SBA 7A PPP loan, you will need to complete certain Each week we will provide a detailed explanation of computations included on the SBA prepared PPP loan forgiveness application. Download the 24-Week Full Time Equivalent (FTE) Calculator. All of these are in the Loan Forgiveness Application form packet. Download the Information Checklist to Apply for PPP Loan Forgiveness. May 21, 2020 May 21, 2020. All of these are in the Loan Forgiveness Application form packet. Using the FTE measurement will give you a more accurate view of your labor force. CARES Act - Paycheck Protection Program Loan Forgiveness Spreadsheet. So, if you have a full-time employee who makes an annual salary of $150,000, only $100,000 of that total salary is eligible for PPP loan forgiveness. The FTE definition. PPP Loan Forgiveness Toolkit & Calculator. That’s because under the simple calculation, the total FTE is 2 FTE at February 15 and June 30, so there is no reduction in FTE. I've put together an Excel spreadsheet to help in calculating the amount of a PPP loan that may be forgiven. The information in this page is based on laws, rules, regulations, and related guidance with respect to the Paycheck Protection Program (PPP), including guidance issued by the U.S. Small Business Administration (SBA) on August 11, 2020.We will periodically update this information, so please check back often and consider bookmarking this page. You will be required to upload a completed spreadsheet into the application tool. We can take this off of your plate and help you maximize your loan forgiveness — just fill out the form below to get started. 3. Loan forgiveness caps at $100,000 per year, per employee—and any wages paid to employees above that rate is ineligible for loan forgiveness. UPDATE OCTOBER 12: The SBA have released a further simplified loan forgiveness form for loans of $50,000 or less. Borrowers must use all three forms to calculate their loan forgiveness amount. The Payroll Protection Program is … Stay tuned for future topics on the PPP loan forgiveness application. Download the PPP Loan Forgiveness Calculator. Economic Aid Act: At the end of December 2021, Congress passed the Economic Aid Act that streamlines the forgiveness process for borrowers with loans $150,000 or less, adds the ability for new borrowers to access PPP and for current borrowers to take a second PPP loan to support 2021 payroll and non-payroll expenses, expands allowable non-payroll expenses, and more. Calculate the initial forgiveness amount by: Loan Amount x (Post-PPP FTE / Pre-PPP FTE) For example, a business receiving $100,000 in PPP Funds who reduces staff from 10 FTE (in the Pre-PPP period) down to 8 FTE (in the Post-PPP period) — the calculation would then be $100,000 x (8 / 10) or $80,000 in potential loan forgiveness. Each workbook contains instructions, the loan forgiveness calculator, determination of your FTE (full time equivalent), actual tracking of costs template, a certification template and two examples so you can “see the math” in action. 1) ... it wil be applied to your actual expeditures for the 8 week period following the first deposit you receive from your PPP loan. VIDEO: PPP Loan Forgiveness Calculator Download the PPP Forgiveness Calculator (Form 3508), File name: ppp-forgiveness-calculator.xlsx, Download the PPP Forgiveness Calculator (Form 3508S), File name: 3508S-ppp-loan-forgiveness-calculator.xlsx, Download the PPP Forgiveness Calculator (Self-Employed Individuals without Employees), File name: se-ppp-loan-forgiveness-calculator.xlsx. One thing everyone will need to know is what full-time equivalent employees are and how to calculate your FTE number. This ratio is referred to as the FTE reduction quotient. The calculator is based on existing PPP guidance from the Department of Treasury and Small Business Administration (SBA), as well as additional recommendations added by the AICPA. The amount forgiven for payroll costs will be the total of your payroll costs, up to the amount of your PPP loan less allowable non-payroll costs. PAYCHECK PROTECTION PROGRAM (PPP) DOCUMENT WORKSHEET Full-Time Equivalency (FTE) A numerical calculation for determining employee headcount; when requesting Forgiveness, the Borrower may elect to use 1.0 for employees who work 40 hours or more per week and 0.5 for employees who work less than 40 hours per week. CALCULATE THAT: Reduction in the Number of Employees. Each workbook contains instructions, the loan forgiveness calculator, determination of your FTE (full time equivalent), actual tracking of costs template, a certification template and two examples so you can “see the math” in action. DOWNLOAD THE PPP LOAN FORGIVENESS TEMPLATES. Reach out to our team if you have any questions on how to calculate FTEs for your business. Update as of June 8, 2020: Based on the PPP Flexibility Act, signed by the President on June 5, 2020, we have updated our spreadsheet to account for some of the changes made in this act, which we summarized in a prior advisory. Download the PPP Loan Forgiveness Calculator here. Borrower Demographics (p 5) 6. Calculate potential loan forgiveness. This Calculator is based on the current version of SBA Form 3508 PPP Loan Forgiveness Application (05-15-20). Saddle Brook, NJ (201) 487-8383 | New York, NY (212) 660-0050. Visit our Covid-19 Response Group web page for more information. In short, it’s a lot to take in. Multiply the amount of the loan which qualifies for forgiveness by the following fraction: How to Apply for PPP Loan Forgiveness. Please read the instructions in the worksheet which indicate how to use the resources as intended. If you believe that you qualify for 100% forgiveness please make sure the Estimated Forgiveness Amount is equal to your PPP loan amount. PPP Forgiveness Application Calculation (p 1) 2. The excel spreadsheet was built to help businesses manage through the SBA’s Paycheck Protection Program (PPP). The workbook is broken out into multiple tabs that you will have to click through to complete. Certification (p 2) 3. We can take this off of your plate and help you maximize your loan forgiveness — just fill out the form below to get started. PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS CHECKLIST If the payroll costs you’ve calculated—taking into account salary/hourly wage reduction and FTE information, if applicable—are equal to or greater than your PPP loan amount, you can request Forgiveness for the full PPP loan amount without submitting your non-payroll costs. Client Login | Secure Payment. You will be able to see exactly how to use our spreadsheet calculator. (SBA guidance current as of 05-18-20) Borrowers must use all three forms to calculate their loan forgiveness amount. 2 Additionally, you need to calculate the amount you spent on payroll costs to determine your maximum loan forgiveness amount. The original loan forgiveness application clarified the base hours of 40 hours per week to calculate an FTE. PPP Loan Forgiveness Application Revised •Revised Loan Forgiveness Application Revised –5 pages •Separated into 5 sections: pages 1 - 3 must be submitted to Lender: 1. You might have applied for your PPP loan months ago, Received your PPP loan, and are now in the process of preparing to submit your loan forgiveness application once your lender is ready to accept it.. Step 2. Business Legal Name (“Borrower”) ... was used to calculate Average FTE in the PPP Schedule A Worksheet Tables. The FTE calculation converts a company’s total employee count (including both full- and part-time employees) into the “equivalent” number of full-time employees working 40 hours a week. Calculate PPP Loan Forgiveness under the SBA Paycheck Protection Program - CARES ACT. • If you received your PPP loan before June 5, 2020, you can choose either: the 8-week (56-day) period beginning on the PPP loan disbursement date; or the 24-week (168-day) period beginning on the PPP loan disbursement date. Paycheck Protection Program (PPP Loan). After receiving a Paycheck Protection Program (PPP) loan, it’s time to start thinking about how to use the loan to receive full PPP loan forgiveness.. Here’s our comprehensive guide to make sure you’re on track to receive full forgiveness every step of the way. That’s because under the simple calculation, the total FTE is 2 FTE at February 15 and June 30, so there is no reduction in FTE. 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