Loan Forgiveness Paycheck Protection Program (PPP) Calculator
Employee Headcount Calculation:
Under the Paycheck Protection Program (PPP) you must re-establish your employee headcount or the amount of the loan forgiven may be reduced. To calculate use the following calculator:
Step 1: Average FTE During Look Back Period/ Average FTE During Coverage Period = Percentage of loan forgiven
Step 2: Percentage of loan forgiven * Principal Loan Amount= Loan Amount Owed
Average FTE during "look back period" is based on the following dates:
- The average number of full-time equivalent employees of the borrower between Feb. 15, 2019 and June 20, 2019
- The average number of full-time equivalent employees of the borrower between Jan. 1, 2020 and Feb. 29, 2020
Average FTE during the "coverage period" is based on the average FTE (full-time equivalent) for the 8-weeks of PPP coverage.
Please note: I am an HR professional. This is my opinion. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content featured in this blog post shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself.