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Last Saturday, the SBA issued their Application for PPP Loan Forgiveness. This application answered a lot of questions and gave us a framework for the next phase of this process. It provides an alternative calculation period for businesses who run payroll weekly or biweekly to make the calculation easier, and it provides a simplified method to calculate FTEs or full time equivalents which assigns 1 FTE for employees who work 40 hours or more per week and 0.5 for employees who work fewer hours. It also addresses the situation where an employee has resigned or been terminated for cause. We are prepared to help you with this process so be sure to reach out to your service provider for assistance.
Here is a link to the forgiveness application:
And here is a link to the AICPA forgiveness calculator which can be downloaded as an excel spreadsheet:
Funding is still available in this program. If you were impacted by the COVID-19 crisis and you are interested in obtaining a PPP or Payroll Protection Plan Loan, please reach out to your bank or other lender to apply. If you need any assistance gathering the requested documents for the application, please let us know.