FirstBank PPP Loan Calculator

Thank you for applying for a FirstBank Payment Protection Program (PPP) loan. We are pleased to be of service to you and have provided the following information and instructions to assist you in the completion of your application. If you have any additional questions regarding the application process, please contact the FirstBank loan officer working on your request.

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Maximum Loan Amount CalculationThe Paycheck Protection Program determines the maximum size of the loan as the lesser of a) $10,000,000 or b) 2.5x the sum of your average monthly payroll costs. The average payroll costs are determined over specific time frames based on specific characteristics of your business. Please select the appropriate calculation period below and summarize your calculations below to determine your loan size. It is important to note that any compensation above $100,000 annually may not be included in this calculation, payments to employees whose primary place of residence is outside of the US, and any costs eligible for relief through other Federal coronavirus relief programs are not eligible and should be deducted.

12-month period preceding the loan application - Standard period

2/15/2019 - 6/30/2019 - Must demonstrate seasonality

1/1/2020 - 2/29/2020 - Company was not in operation prior to 6/30/2019

Select the number of months from the dropdown to correlate to the period selected above

Gross Payroll Costs Over Applicable Period:

Salary, wages, & commissionsPayments of cash tips or equivalentPayments for paid time off (vacation, sick, family) Allowance for dismissal or separationPayments for group health benefitsPayment of retirement benefitsPayment of State or local tax on compensation of employees

Total Eligible Payroll Costs*

Amount Documentation Used

Total Ineligible Offsets

Net Annual Payroll Costs (Gross Costs Less Offsets)

Monthly Net Eligible Payroll Costs x 2.5

PLUS outstanding balance of SBA Disaster loan which is eligible to be refinanced under this program

Calculated Loan Amount

Maximum Loan Amount (lesser of $10,000,000 or 2.5 Monthly Net Eligible Payroll Costs)

Net Annual Eligible Payroll Costs Divided by Number of Months in Period

Less the Following Offsets Incurred Over Applicable Period:

Any compensation above $100,000 to a single employee (prorated for calculation period)Compensation to an employee who's principal place of residence is outside of the US

Federal employment taxes imposed or withheld between 2/15/2020 and 6/30/2020 including employee's and employer's share of FICA

Sick leave or family leave already covered under the Families First Coronavirus Response Act (Sections 7001 and 7003)

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*For self-employed borrowers the total payroll costs is equal to the sum of compensation to the sole proprietor or independentcontractor in the form of a wage or commission, and net income from self-employment. The sum of these figures may notexceed $100,000.

If the borrower reduces total salary or wages of any employee, who was employed during any period of 2019 and had annualized salary of $100,000, by more than 25%

Forgiveness is reduced by the amount of the salary reduction in excess of 25% for employees with annualized salary during 2019 of less than $100,000.

The amount of forgiveness of the loan is reduced if there is a reduction in a) employee workforce or b) reduction of salary of employees by more than 25%. The amount of the estimated reduction in salaries is determined as follows:

Reason for Reduction in Loan Forgiveness

Loan Forgiveness Calculation

Estimated Loan ForgivenessForgiveness is reduced by a percentage equal to 100% minus the average monthly full-time equivalent employees of the borrower during the 8-week period divided by the number of average monthly full-time employees (i) or (ii) as applicable.

It should be noted that there are alternative calculations for seasonal companies.

Loans under the Paycheck Protection Program are eligible for forgiveness equal to the amount the borrower spent on the following items over the 8-week period following the loan date:

• Payroll costs including tipped employees• Interest on mortgage obligations of the business• Rent on leasing agreements• Payment on utilities (electricity, gas, water, transportation, telephone, or internet)

If the average monthly full-time equivalent number of employees during the 8-week period from the date of the loan is less than the average monthly full-time number of employees during, at the borrower's election, (i) February 15, 2019 to June 30, 2019, or (ii) January 1,2020 to February 29, 2020

Amount Documentation Used