Read this article for more details on the EZ Form, Interim Final Rule on Appeals of SBA Loan Review Decisions Under the PPP, Full-time employees (FTE) Reduction Adjustment, The borrower is exempt from the reduction in loan forgiveness based on a reduction in FTE employees described above if the borrower, in good faith, is able to document that it was unable to operate between Feb. 15, 2020, and the end of the Covered Period at the same level of business activity as before Feb. 15, 2020, due to compliance with requirements established or guidance issued, details on calculating the salary/hourly wage reduction, Details of how this works are provided on the SBA website. Clients will receive a PPP Loan Forgiveness Report and be able to use the Loan Forgiveness Estimator in Paychex Flex®. Include payment for: Group health care benefits, including insurance premiums, and retirement during the covered period. Generally, the PPP loan amount that businesses qualify for is based on their average payroll expenses. Note: Borrowers have 10 business days from receipt of the form from the lender to submit it. Your loan forgiveness amount will also be further reduced if you (1) fail to maintain the same number of full-time equivalent (FTE) employees during the covered period compared to a defined look-back period (the FTE Reduction Adjustment); and/or (2) decrease wages in your covered period for employees earning $100,000 or less (annualized per pay period in 2019) by more than 25% when compared to the employee’s average weekly wages during the 1st Quarter 2020 (the salary/hourly wage reduction adjustment. For example, if an employee was paid for 30 hours per week on average during the covered period, the employee is an FTE employee of 0.75. The SBA has determined that for individuals with self-employment income who file a Schedule C, PPP self-employment loan forgiveness is limited to a proportionate eight-week share (8/52) of 2019 net profit (up to $15,385) for an eight-week covered period or 2.5 months’ worth (2.5/12) of 2019 net profit (up to $20,833) for a 24-week covered period, as reflected in the individual's 2019 Form 1040 Schedule C. Interest payments on any covered mortgage obligation in force before Feb. 15, 2020, Extending the covered period to up to 24 weeks, Extending the time a borrower can qualify for the FTE and Salary/Hourly Wage reduction safe harbors. THE PPP LOAN FORGIVENESS CALCULATOR IS FOR PRELIMINARY ESTIMATES OR MODELING OF POTENTIAL LOAN FORGIVENESS AMOUNTS ONLY. Below are answers to some frequently asked questions about the Paycheck Protection Program (PPP) and the PPP Flexibility Act. Similarly, if an employee was paid for ten hours per week on average during the covered period, the employee is an FTE employee of 0.25. Paychex clients who have borrowed $2 million or more in PPP loans should work with their lender during this process. Borrowers’ loan forgiveness will equal the smallest of the following: Your PPP loan amount. For borrowers that received a PPP loan before June 5, 2020 and elect to use an eight-week Covered Period, this cap is $15,385. For more information, check out this related resource: California Residents: Do Not Sell My Personal Information, B. Finally, if you received an EIDL Advance, the SBA will reduce your loan forgiveness by the amount of the advance. Two separate safe harbors may exempt borrowers from any loan forgiveness reduction based on a reduction in FTE employee levels: FTE Reduction Safe Harbor 1. Yes. Read more in this article about the PPP. Any amount not forgiven must be paid back at 1% interest over a five year-term (for loans made on or after the effective date of the PPP Flexibility Act) or two years if made before, and not renegotiated with your lender. Because the hourly wage did not change, the reduction in the employee’s total wages is entirely attributable to the FTE employee reduction and the borrower is not required to conduct a salary/wage reduction calculation for that employee. No. We have updated the PPP Loan Forgiveness calculator. There is no guidance available on whether paying advances will be allowed for forgiveness. The tool incorporates the PPP forgiveness calculator developed by the AICPA and is available to any business approved for a PPP loan, regardless of the lender it worked with to receive funding. Additionally, the SBA has released an updated loan forgiveness application and an abridged EZ forgiveness application. If you reduced FTEs your loan forgiveness amount may be reduced. Read this article for more details on the EZ Form. For administrative convenience, borrowers with a bi-weekly (or more frequent) payroll schedule may elect to use an Alternative Covered Period for either the 24- or, if elected, the eight-week period that begins on the first day of their first pay period following the receipt of their loan. PPP forgiveness calculator – Prior version (5/22/20 – 6/17/20) – Excel Please see our important disclaimer regarding use of the calculator inside the Excel spreadsheet. Appeals can be made to the OHA after SBA completes a review of a PPP loan and makes an official written decision that the borrower: Review the Interim Final Rule on Appeals of SBA Loan Review Decisions Under the PPP for specific details regarding the appeals process, and consult with your financial or legal advisor. paid or incurred during your chosen covered period (total not to exceed $100,000, annualized for your covered period for each employee. A borrower is eligible for an FTE Reduction Exceptions for: (1) any positions for which the borrower made a good-faith, written offer to rehire an individual who was an employee on February 15, 2020 and the borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020; (2) any positions for which the borrower made a good-faith, written offer to restore any reduction in hours, at the same salary or wages, during the borrower’s covered period and the employee rejected the offer, and, (3) any employees who during the borrower’s covered period who were. Correct decreases from either of the first or second step, respectively, as follows: The … The Covered Period always starts on the date the lender makes a disbursement of the PPP loan. PPP Loan Forgiveness Spreadsheet. Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. Sign-up below to receive future updates of our Forgiveness Calculator sent directly to your inbox. However, the PPP Flexibility Act of 2020 states that the borrower may elect the eight-week period only if their loan was made on or before June 5, 2020. The SBA.com® PPP Loan Calculator is designed to give you an estimate of the amounts involved in your PPP loan – specifically your estimated maximum loan amount and the estimated forgivable amount of your PPP Loan. SBA.com® is not SBA.gov. We are not a lender. The PPP EZ Form can only be used on any size loan that fits in one of three categories: If you do not fall within one of these three categories, you must use the full PPP Loan Forgiveness Application. We are a private business providing resources for small businesses, including resources for PPP loans. Apply the $100,000 salary cap for highly compensated employees and sole proprietors. In determining your FTEs, you have two options. Generally, there are three areas that may lead to a reduction in your forgiveness amount. If you restore salary/hourly wages by Dec. 31, 2020 you may be eligible for the Salary/Hourly Wage Reduction safe harbors. The amount of your loan can only be forgiven up to the sum of the eligible covered expenses (listed above) during your covered period. Any qualified borrower of a PPP loan of $50,000 or less may use SBA Form 3508S to apply for loan forgiveness and be exempted from any reductions in their loan forgiveness amount based on reductions in full-time equivalent (FTE) employees or reductions in employee salary or wages. Your look-back period, is, at your election, either (i) Feb. 15, 2019 to June 30, 2019; (ii) Jan. 1, 2020 to Feb. 29, 2020; or (iii) in the case of seasonal employers, either of the preceding periods or a consecutive twelve-week period between May 1, 2019 and Sept. 15, 2019. You must use this spreadsheet in order to calculate the amount of loan forgiveness for which you are eligible. FTE Reduction Safe Harbor 2. If a borrower restores reductions made to employee salaries and wages or FTE employees by not later than Dec. 31, 2020 the borrower can avoid a reduction in its loan forgiveness amount. Download a blank version of SBA.com®’s Loan Forgiveness Calculator here. In order to qualify for loan forgiveness, you must maintain 75 percent of your employee’s pay before COVID-19. Annual salary excess of $100k Enter the total gross amount of salary that exceeds $100,000 per year, per employee. When it comes to PPP forgiveness calculation, you need the PPP Schedule A Worksheet, PPP Schedule A, and PPP Loan Forgiveness Calculation Form (in that order). SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. Additional Eligibility Criteria and Requirements for Certain Pledges of Loans for the Paycheck … Hazard pay is included in the 60% payroll costs calculation and is subject to all the same wage rules. Bonus pay is included in the 60% payroll costs calculation and is subject to all the same wage rules. The PPP Loan Forgiveness Application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. If you restore salary and hourly wage rates not later than Dec. 31, 2020 you may qualify for the Salary/Hourly Wage Reduction safe harbor. None of the information on this site constitutes legal advice. Paychex tiene el compromiso de brindar recursos para la comunidad hispanohablante. Para garantizar que brindemos la información más actualizada y de mayor precisión, algunos contenidos de este sitio web se mostrarán en inglés y los proporcionaremos en español una vez que estén disponibles. Mortgage Interest, Lease, Utility Costs: $50,000, C. Total Salary/Hourly Wage Reductions: $25,000, D. FTE Reduction Quotient (Schedule A, line 13): .85, E. Modified Total (( A+ B – C) x D): $106,250, G. Payroll Cost 75% Requirement (A / .75): $133,333, C. Total Salary/Hourly Wage Reductions: $400,000, D. FTE Reduction Quotient (Schedule A, line 13): .7, E. Modified Total (( A+ B – C) x D): $70,000, G. Payroll Cost 75% Requirement (A / .75): $600,000, C. Total Salary/Hourly Wage Reductions: $5,000, D. FTE Reduction Quotient (Schedule A, line 13): .5, E. Modified Total (( A+ B – C) x D): $72,500, G. Payroll Cost 75% Requirement (A / .75): $133,333.33. the information on this sheet is for illustrative purposes only and accuracy is not guaranteed. For employees whose wages or pay decreases by more than 25%, if the change is solely due to a decrease in the employee’s FTE status, an employer may not have to take the wage reduction on this employee. Be sure to consult with your bank, lender and/or qualified professional advisor and do not rely solely on the accuracy of the information inside. Borrowers or their CPA advisers can use the tool to fill out the forgiveness application. Any amounts not forgiven must be paid back over a five-year term (for loans made on or after the effective date of the PPP Flexibility Act) or two years if made before, and not renegotiated with your lender. If their total compensation across businesses that receive a PPP loan exceeds the cap, owners can choose how to allocate the capped amount across different businesses. Update: On July 23, 2020, the SBA issued a procedural notice indicating they will begin accepting PPP loan forgiveness applications from lenders on Aug. 10. You may be exempt from this reduction if you qualify for one of two FTE Safe Harbors. The following formulas will be used based on reductions in the number of FTEs: *The average number of FTEs is determined by calculating the average number of FTEs for each pay period falling within a month. There are two versions — SBA Form 3509 will be distributed by lenders to For-Profit borrowers and SBA Form 3510 will go to Non-Profit borrowers. Add the total amount paid to owner-employees/self-employed individuals/general partners. Download the PPP 3508S Loan Forgiveness Calculator. Information provided is current as of the date published and is subject to change based on additional guidance. Normal payroll procedures should be followed; all loan forgiveness could be subject to an audit. If your EIDL loan was used for payroll costs, your PPP loan must be used to refinance your EIDL loan. Payments of loan principal, interest, and fees are deferred until the date on which the forgiveness amount is remitted to your lender. In order to calculate your forgiveness amount you need to take the following steps: Here are some examples of how you can calculate your forgiveness amount with this methodology: It is absolutely essential to remember that the information on this sheet is for illustrative purposes only and accuracy is not guaranteed. You will also need to provide support for your payroll and non-payroll costs, full time equivalent (FTE) employee counts. Read this article for more details on the PPP Flexibility Act. Details of how this works are provided on the SBA website. Reminder: It is absolutely essential to remember that. For example: An hourly wage employee had been working 40 hours per week during the borrower selected reference period (FTE employee of 1.0) and the borrower reduced the employee’s hours to 20 hours per week during the covered period (FTE employee of 0.5). We would not recommend changing your normal payroll schedule. Next, sum the aggregate total of FTE employees for both the Chosen Reference Period and your chosen covered period, by adding all employee-level FTE employee calculations. In calculating your loan forgiveness amount, you may use 100% of your loan proceeds for payroll. Interest will begin to accrue when you receive your loan. You’ll find a detailed employee worksheet on page 9 of the application. All Borrowers must submit (1) and (2) to their lender. If a borrower uses less than 60% of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60% of the loan forgiveness amount having been used for payroll costs. Under the Cares Act, no. You then divide the average FTE employees during your look-back period by the average FTE employees during your Chosen Reference Period, the result is the FTE Reduction Quotient. The Act amended several provisions of the Paycheck Protection Program, including: The Act also implemented an FTE reduction exemption, established a minimum loan maturity period of five years (rules apply), extended deferment payments of loan principal, interest, and fees, as well as allows continued deferral of Social Security taxes after loan forgiveness has been approved. To maximize forgiveness, you must use at least 60% of the loan amount for payroll costs and fully restore FTE and salary/hourly wages by Dec.31, 2020 to the FTEs and salary/hourly wage rates in place on Feb. 15, 2020. Borrowers must use all three forms to calculate their loan forgiveness amount. The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. Borrowers may select only one of these two methods and must apply that method consistently to all their part-time employees for the covered period or the alternative payroll covered period and the selected reference period. Compensation includes salary, vacation, leave (sick, parental, family, and medical), severance pay, wages, commissions or similar compensation, and cash tips. However, since sole props and contractors usually don’t have payroll, their loan is based on 2019 net profit divided by 12, to get a monthly “average” net profit. Paychex support is here to help with online resources and responsive service professionals available via phone. Payroll costs include: There is an Interim Final Rule providing guidance for independent contractors or sole proprietors. Paycheck Protection Program and PPP Flexibility Act FAQs Below are answers to some frequently asked questions about the Paycheck Protection Program (PPP) and the PPP Flexibility Act. However, we still need the client to verify the information. However, you will be required to begin payments on your loan and interest if you do not apply for loan forgiveness within 10 months of the end of your covered period. Borrowers may submit their PPP loan forgiveness applications to lenders before the end of their eight- or 24- week covered period, provided the borrower has used the loan proceeds for which the borrower is requesting forgiveness and the borrower’s loan forgiveness application accounts for any salary reductions in excess of 25 percent for their full covered period. A request can be made to the lender servicing the loan. Thank you for visiting our PPP Loan Forgiveness Calculator! Interest (1%) begins immediately. If you were unable to operate between Feb. 15, 2020, and the end of the Covered Period at the same level of business activity as before Feb. 15, 2020, due to compliance with COVID-19 related guidance or requirements (FTE Safe Harbor 1) or you restore FTEs by Dec. 31, 2020 (FTE Safe Harbor 2) you may be eligible for the FTE Reduction safe harbors. The borrower is exempt from the reduction in loan forgiveness based on a reduction in FTE employees described above if the borrower, in good faith, is able to document that it was unable to operate between Feb. 15, 2020, and the end of the Covered Period at the same level of business activity as before Feb. 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and Dec. 31, 2020, by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19. These workers are eligible to apply for PPP loans and PPP loan forgiveness as single-person businesses. In order to apply for loan forgiveness for the PPP program, you are required to complete the U.S. Small Business Administration Form 3508. Check with your lender to see if they have begun accepting applications as the submission process varies by lender. More details are available in the SBA FAQs. Payments of loan principal, interest, and fees may be deferred until the date on which the forgiveness amount is remitted to your lender. Average number of FTEs per month employed by the borrower from Jan. 1, 2020 to February 29, 2020. voluntarily requested and received a reduction of their hours. Further guidance from the SBA is expected as to whether you can use a date other than Dec. 31, 2020 to determine if FTE and/or salary/hourly wages were restored. Disclaimer: The information provided by the SBA.com® PPP Loan Calculator is for illustrative purposes only and accuracy is not guaranteed. SBA PPP Loan Forgiveness Calculator. Learn how reducing pay to your employees could impact your forgiveness amount and how to estimate pay reductions for purposes of the PPP Loan Forgiveness Estimator. borrowers who did not reduce salaries or wages of employees by more than 25% and did not reduce the number or average paid hours of employees (with some exceptions). First, the borrower may calculate the average number of hours a part-time employee was paid per week during the covered period. You are still required to follow wage and hour laws in your state. The Estimator uses information from Paychex Flex with information you enter to provide you both current and projected loan forgiveness. The values and figures shown are hypothetical, may not be applicable to your individual situation and may not represent the most recent guidance published by the U.S. Small Business Administration. Find out with our Public Service Loan Forgiveness Calculator below. Forgiveness rules are likely to change in the near future. *Unabridged Software does not provide financial or legal advice. Employees who made more than $100,000 (annualized) for any pay period in 2019 are removed from the loan forgiveness salary/hourly wage reduction calculation. CARES SBA-PPP: Loan Forgiveness FTEE Comparison - provides Full Time Equivalent Employee values for the FTEE calculation options and can be used to show if there has been a reduction of FTEEs between the selected Covered Period and the applicable Lookback Period. Yes. Yes. A PPP loan is intended to help business owners keep their employees on the payroll, return those who might have been furloughed, and keep their business open by offering loans that are forgivable for funds used on eligible covered costs. Additionally, your loan forgiveness may be reduced further if you do not use 60% of your loan amount on payroll costs. For employees who were paid for less than 40 hours per week, borrowers may choose to calculate the full-time equivalency in one of two ways. Rehires. This number times 2.5 equals your PPP loan amount. self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form automatically qualify to use the Loan Forgiveness Application Form 3508EZ or lender equivalent and should complete that application. PPP Loan Forgiveness Example Calculations. THE CALCULATOR MAY NOT REFLECT CURRENT INTERPRETATIONS OF THE SBA AND TREASURY DEPT. If you restore FTEs not later than Dec. 31, 2020 you may qualify for the FTE Reduction Safe Harbor. Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan. Alternative Covered Period. 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