Payment Protection Program Forgiveness Calculator

What You Will Need for 1) Elections• PPP Loan Amount• PPP Loan Disbursement Date• The total amount paid from the loan disbursement date:

• To employee health insurance• Employee retirement plans• State and local taxes assessed on employee compensation• To owner-employees/self-employed individual/general partners• Business Mortgage Interest Payments • Business Rent or Lease Payments • Business Utility Payments

What You Will Need for 2) Worksheet Table 1(1/2)

• For each Employee who:1. Were employed by the Borrower at any point during the Covered Period or the

Alternative Payroll Covered Period whose principal place of residence is in the United States; and

2. Received compensation from the Borrower at an annualized rate of less than or equal to $100,000 for all pay periods in 2019 or were not employed by the Borrower at any point in 2019.

• Employee’s Name• Last 4 digits of the their SSN• Gross Salary, Wages, tips, commissions, Paid Leave (Not including Leave Covered by the

Families First Coronavirus Response Act) and allowances for dismissal or separation Paid or Incurred During the Covered period

What You Will Need for 2) Worksheet Table 1(2/2)

• Average Number of Hours Paid Per Week During the Covered Period• Average Number of Hours Paid Per Week During the Chosen Reference Period• Average Number of Hours Paid Per Week between February 15, 2020 and April 26, 2020 • Average Number of Hours Paid per Week in the Borrower’s pay period inclusive of

February 15, 2020• Total Number of Hours Paid Per Week as of June 30, 2020

• If the average annual salary or hourly wage during the Covered Period or the Alternative Payroll Covered Period was below75% of the employee’s average annual salary or hourly wage between January 1, 2020 and March 31, 2020 You will also need:

• Average Annual salary or Hourly Wage during Covered Period• Average Annual Salary or Hourly Wage Between January 1, 2020 and March 31, 2020• Annual salary or hourly wage as of February 15, 2020• Average annual salary or hourly wage between February 15, 2020 and April 26, 2020• Enter the average annual salary or hourly wage as of June 30, 2020

What You Will Need for 3) Worksheet Table 2

This table requires almost all the same information as Worksheet Table 1, however it should only be used to list employees who:

1) Were employed by the Borrower at any point during the Covered Period or the Alternative Payroll Covered Period whose principal place of residence is in the United States; and2) Received compensation from the Borrower at an annualized rate of more than $100,000 for any pay period in 2019.

Example – ABC, LLCYou are the owner of a widget store, ABC, LLC and have been in business for 5 years. You have two salaried employees, Alice and Brad, and two hourly wage employees, Carson and Dianne. Alice and Brad both work full time (40 hours a week). Carson works 40 hours a week and Dianne works 30 hours a week both for $20 an hour.

Unfortunately, COVID-19 had a severe impact on your ability to sale widgets. As a result, effective April 1st

2020 you had to reduce Carson’s hours to 30 and Dianne’s hours to 20 (Both are still paid $20 an hour). At the same time you were forced to reduce Alice’s salary from $120,000 to $80,000 and Brad’s salary from $95,000 to $30,000.

Fortunately you were approved for a PPP loan and received funding of $51,600 on 4/13/2020. The covered period for your loan is the eight weeks (56 days) from the day you received the loan. The first day of the covered period is the same as the disbursement date, thus your covered period would end 6/7/2020.

You used the funds to restore your employees’ hours and pay to their respective levels as of March 31st

2020 effective on May 4th.

Now you are in the process of asking for forgiveness on your loan.

Additional Information• Payroll Covered Period is standard as payroll is run on a monthly basis.

• Elected the standard FTE calculation.

• The chosen reference period is January 1, 2020 to February 29, 2020.

• The PPP disbursement date is 4/13/2020.

• The date of the first pay period following PPP loan disbursement is 4/17/2020.

• There are no FTE reduction exceptions.

• Total Contributions by employer to health insurance is $1,200

• Total Contributions by employer to retirement is $1,000

• Total amount paid for state and local taxes assessed on employees is $1,000

• Your do not have a business mortgage

• Rent and lease payments for the covered period were $10,000

• Business Utility Payments for the covered period were $2,000.

Name Average Number of Hours Paid Per Week

Average Annual Salary / Hourly Wage

Alice 40.0 $120,000Brad 40.0 $95,000Carson 40.0 $20Dianne 30.0 $20

Name Average Number of Hours Paid Per Week

Average Annual Salary / Hourly Wage

Alice 40.0 $80,000Brad 40.0 $30,000Carson 30.0 $20Dianne 20.0 $20

Name Average Number of Hours Paid Per Week

Average Annual Salary / Hourly Wage

Compensation During the Covered Period

Alice 40.0 $109,286 $16,813 Brad 40.0 $66,071 $10,165 Carson 33.75 $20 $5,400 Dianne 23.75 $20 $3,800

Name Average Number of Hours Paid Per Week

Alice 40.0Brad 40.0Carson 37.1Dianne 27.1

Jan. 1, 2019-March 31, 2020 & April 20, 2020-June 30, 2020

April 1, 2020-May 3, 2020

Covered Period (April 13-June 7, 2020 for ABC, LLC)

February 15, 2020 & April 26, 2020

Tables for Reference Only

Election Screen(1/3)

*White Cells Require Imputs, Grey Cells are Calculations

Borrower Name ABC, LLC

PPP Loan Amount 51,600.00$

Payroll Covered Period: Standard *If you run payroll biweekly or more frequently than biweekly you may use the Alternative Covered Period.

FTE Calculation Method: Standard Calculation

PPP Loan Disbursement Date 4/13/2020

Date of first pay period Following PPP Loan Disbursement 4/17/2020

Covered Period Start Date 4/13/2020

Covered Period End Date 6/7/2020

* The standard calculat ion calculates the average full-time equivalency (FTE) during the Covered Period or the Alternative Payroll Covered Period. For each employee, enter the average number of hours paid per week, divide by 40, and round the total to the nearest tenth.The maximum for each employee is capped at 1.0. The simplif ied method that assigns a 1.0 for employees who work 40 hours or more per week and 0.5 for employees who work fewer hours may be used at the election of the Borrower.

Election Screen(2/3)

Total amount paid by Borrower for employer contributions for employee health insurance during the Covered Period

$ 1,200.00

Total amount paid by Borrower for employer contributions to employee retirement plans during the Covered Period

$ 1,000.00

Total amount paid by Borrower for employer state and local taxes assessed on employee compensation during the Covered Period

$ 1,000.00

Election Screen(3/3)

Business Mortgage Interest Payments during the Covered Period

$ -

Business Rent or Lease Payments duringing the Covered Period

$ 10,000.00

Business Uti l ity Payments during the Covered Period

$ 2,000.00

Worksheet Table 1

19,365.00$

0.02.4

0.00

Completeness Verification Employee's Name EmployeeIdentifier (Last Four of the SSN)

Gross Salary, Wages, tips, commissions, Paid Leave (Not including Leave Covered by the Families First Coronavirus Response Act) and allowances for dismissal or separation Paid or Incurred During the Covered period

Average Number of Hours Paid Per Week During the Covered Period

Average Number of Hours Paid Per Week During the Chosen Reference Period

Average Number of Hours Paid Per Week between February 15, 2020 and Apri l 26, 2020 (72 day period)

Average Number of Hours Paid per Week in the Borrower’s pay period inclusive of February 15, 2020

Total Number of Hours Paid Per Week as of June 30, 2020

Was the average annual salary or hourly wage during the Covered Period or the Alternative Payroll Covered Period at least 75% of the employee’s average annual salary or hourly wage between January 1, 2020 and March 31, 2020? (Yes/No)

Complete Brad XXXX $10,165 40.0 40.0 40.0 40.0 40.0 No Complete Carson XXXX $5,400 33.8 40.0 37.1 40.0 40.0 Yes Complete Dianne XXXX $3,800 23.8 30.0 27.1 30.0 30.0 Yes

Cash Compensation

FTE Reduction ExceptionsAverage FTE

Salary / Hourly Wage Reduction

Table 1: List employees who:1) Were employed by the Borrower at any point during the Covered Period or the Alternative Payroll Covered Period whose principal place of residence is in the United States; and2) Received compensation from the Borrower at an annualized rate of less than or equal to $100,000 for all pay periods in 2019 or were not employed by the Borrower at any point in 2019.

Worksheet Table 1

19,365.00$

0.02.4

0.00

Completeness Verification Employee's Name EmployeeIdentifier (Last Four of the SSN)

Gross Salary, Wages, tips, commissions, Paid Leave (Not including Leave Covered by the Families First Coronavirus Response Act) and allowances for dismissal or separation Paid or Incurred During the Covered period

Average Number of Hours Paid Per Week During the Covered Period

Average Number of Hours Paid Per Week During the Chosen Reference Period

Average Number of Hours Paid Per Week between February 15, 2020 and Apri l 26, 2020 (72 day period)

Average Number of Hours Paid per Week in the Borrower’s pay period inclusive of February 15, 2020

Total Number of Hours Paid Per Week as of June 30, 2020

Was the average annual salary or hourly wage during the Covered Period or the Alternative Payroll Covered Period at least 75% of the employee’s average annual salary or hourly wage between January 1, 2020 and March 31, 2020? (Yes/No)

Complete Brad XXXX $10,165 40.0 40.0 40.0 40.0 40.0 No Complete Carson XXXX $5,400 33.8 40.0 37.1 40.0 40.0 Yes Complete Dianne XXXX $3,800 23.8 30.0 27.1 30.0 30.0 Yes

Cash Compensation

FTE Reduction ExceptionsAverage FTE

Salary / Hourly Wage Reduction

Table 1: List employees who:1) Were employed by the Borrower at any point during the Covered Period or the Alternative Payroll Covered Period whose principal place of residence is in the United States; and2) Received compensation from the Borrower at an annualized rate of less than or equal to $100,000 for all pay periods in 2019 or were not employed by the Borrower at any point in 2019.

Wage Reductions

Worksheet Table 2

For all employees compensated $100,000 or more, this field will automatically cap at $15,385

Cash Compensation 15,385.00$

Average FTE 1.0

Completeness Verification Employee's Name EmployeeIdentifier

Gross Salary, Wages, tips, commissions, Paid Leave (Not including Leave Covered by the Families First Coronavirus Response Act) and allowances for dismissal or separation Paid or Incurred During the Covered period

Average Number of Hours Paid Per Week During the Covered Period

Average Number of Hours Paid Per Week During the Chosen Reference Period

Average Number of Hours Paid between February 15, 2020 and Apri l 26, 2020

Average Number of Hours Paid in the Borrower’s pay period inclusive of February 15, 2020

Total Number of Hours Paid per week as of June 30, 2020

Cash Compensation

Complete Alice XXXX $16,813 40.0 40.0 40.0 40.0 40.0 $ 15,385.00

Table 2: List employees who:1) Were employed by the Borrower at any point during the Covered Period or the Alternative Payroll Covered Period whose principal place of residence is in the United States; and2) Received compensation from the Borrower at an annualized rate of more than $100,000 for any pay period in 2019.

Worksheet Table 1

Worksheet Table 2

For all employees compensated $100,000 or more, this field will automatically cap at $15,385

All gray fields auto-fill

4) Owners & Self-employedAll gray fields auto-fill

Cash Compensation -$

Completeness Verification Employee's Name EmployeeIdentifier

8/52 of 2019 compensation (i .e., approximately 15.38 percent of 2019 compensation) perindividual in total across all businesses.

Cash Compensation

List owner-employees, a self-employed individual, or general partners:This amount is capped at $15,385 (the eight-week equivalent of $100,000 per year) for each individual or the eight-week equivalent of their applicable compensation in 2019, whichever is lower.

PPP Sch A WorksheetAll gray fields auto-fill

PPP Schedule A WorksheetTable 1:

Cash Compensation (Box 1)

Average FTE (Box 2)

Salary / Hourly Wage Reduction (Box 3)

Totals: $ 19,365.00 2.4 $ -

Table 2:Cash Compensation (Box 4)

Average FTE (Box 5)

Totals: $ 15,385.00 1.0

FTE Reduction Safe Harbor:3.63.83.8

Yes

Total average FTE between February 15, 2020 and April 26, 2020Total FTE in the Borrower’s pay period inclusive of February 15, 2020Total FTE as of June 30, 2020Eligible?

These fields auto-fill from data entered in other parts of the Worksheet.

PPP Sch A

PPP Schedule A

PPP Schedule A Worksheet, Table 1 TotalsLine 1. Cash Compensation (Box 1) from PPP Schedule A Worksheet: $ 19,365.00 Line 2. Average FTE (Box 2) from PPP Schedule A Worksheet: 2.4Line 3. Salary/Hourly Wage Reduction (Box 3) from PPP Schedule A Worksheet: $ -

PPP Schedule A Worksheet, Table 2 TotalsLine 4. Cash Compensation (Box 4) from PPP Schedule A Worksheet: $ 15,385.00 Line 5. Average FTE (Box 5) from PPP Schedule A Worksheet: 1

Non-Line 6. Total amount paid by Borrower for employer contributions for employee health insurance: $ 1,200.00 Line 7. Total amount paid by Borrower for employer contributions to employee retirement plans: $ 1,000.00 Line 8. Total amount paid by Borrower for employer state and local taxes assessed on employee $ 1,000.00

Compensation to OwnersLine 9. Total amount paid to owner-employees/self-employed individual/general partners: $ - Include in 4) Owners. This amount may not be included in PPP Schedule A Worksheet, 2) Worksheet Table 1 or 3) Worksheet tabel 2.

Total Payroll CostsLine 10. Payroll Costs (add lines 1, 4, 6, 7, 8, and 9): $ 37,950.00

Full-Time Equivalency (FTE) Reduction CalculationLine 11. Average FTE during the Borrower’s chosen reference period: 3.8Line 12. Total Average FTE (add lines 2 and 5): 3.4Line 13. FTE Reduction Quotient (divide line 12 by line 11) or enter 1.0 if FTE Safe Harbor is met:                                       

1.0

Calculation Form

PPP Loan Forgiveness Calculation Form

Payroll and Nonpayroll CostsLine 1. Payroll Costs (enter the amount from PPP Schedule A, line 10): $ 37,950.00 Line 2. Business Mortgage Interest Payments during the covered period: $ - Line 3. Business Rent or Lease Payments during the covered: $ 10,000.00 Line 4. Business Utility Payments during the covered period: $ 2,000.00

Adjustments for Full-Time Equivalency (FTE) and Salary/Hourly Wage ReductionsLine 5. Total Salary/Hourly Wage Reduction (enter the amount from PPP Schedule A, line $ - Line 6. Add the amounts on lines 1, 2, 3, and 4, then subtract the amount entered in line 5: $ 49,950.00 Line 7. FTE Reduction Quotient (enter the number from PPP Schedule A, line 13): 1.0

Potential Forgiveness AmountsLine 8. Modified Total (multiply line 6 by line 7): $ 49,950.00 Line 9. PPP Loan Amount: $ 51,600.00 Line 10. Payroll Cost 75% Requirement (divide line 1 by 0.75): $ 50,600.00

Forgiveness AmountLine 11. Forgiveness Amount (enter the smallest of lines 8, 9, and 10): 49,950.00$

Based on the Information you Input, You Do not Qualify for full Forgiveness.The remainder on your loan will be: 1,650.00$