×
| Loan Forgiveness Estimator Group 8 Copy 2

Paycheck Protection Program Loan Forgiveness Estimator

If your business received the Small Business Administration loan under the paycheck protection program, then you might be wondering how much of your loan can be waived off by the federal government. Use this tool to quote your loan forgiveness and head over to our blog to know more about the PPP scheme.

Total PPP Loan Amount Received
$
Total Payroll Costs It includes the employee compensation, employer contribution in health and retirement plans, employer state and local taxes that is paid in the Covered Period or Alternate Covered Period.
For each employee, eligible amount for forgiveness in compensation cannot exceed annual amount of $100,000.
$
Business mortgage interest, rent or lease, utility payments Interest Payments on Business mortgage, Rent/Lease Payments, Business Utility Payments that occured before Feb 15 2020.
You may allowed to pay 25% of forgiveness amount to pay this costs during covered period.
$
Salary/Hourly Wage Reduction in excess of 25% The forgiveness amount will get reduced if salary/hourly wages for the each employee decreased in excess of 25% which is paid in the covered period.
It is applicable for the employees whose annual amount is less than or equal to $100,000 for all pay periods in 2019.
$
Average FTE per month in covered period It is the average full-time equivalency (FTE) calculated for each employee paid in the Covered Period or Alternate 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. A simplified method that assigns 1.0 for employees who work 40 hours or more per week and 0.5 for employees who work fewer hours.
Average FTE per month in reference period It is the average full-time equivalency (FTE) calculated for each employee paid in the selected Reference Period.
i.e., either Feb 15, 2019 to Jun 30, 2019 or Jan 1, 2020 to Feb 29, 2020.
If you are seasonal employer, you can choose either of the preceding periods or a consecutive twelve-week period between May 1, 2019 and Sep 15, 2019.

Quoted loan forgiven amount

Quoted payback amount

Disclaimer: Zoho has taken great care and has made every attempt to ensure that the information obtained from the tool is accurate. However, Zoho is not responsible for any errors or omissions and provides no guarantee or warranty on the correctness of the results obtained from the tool. By using this tool you agree not to hold Zoho liable for any issues that arise from incorrect results obtained.

Frequently Asked Questions

+ -
How do I apply for loan forgiveness? What are the possible outcomes?
You can apply for complete loan forgiveness through the lender that is servicing the loan, by filling the application form issued by the SBA. Your lenders have 60 days to decide whether to approve the application or not. If the request is not accepted, then loan re-payments will be deferred for a minimum of six months and interest will continue to accrue during this time.
+ -
When am I eligible to obtain full loan forgiveness?
To obtain full forgiveness, loan proceeds must be spent during the 24 week period immediately following disbursement of the loan or 8-week period if loan received before June 5, 2020 (the Covered Period). If you pay your employees on a biweekly or more frequent schedule, you may choose to begin the period on the first day of the first pay period following disbursement of the loan (“Alternative Payroll Covered Period”) for qualifying payroll costs only.
+ -
What is an FTE?
FTE is Full-time equivalent employees. Any employee who works for 40 hours per week or more will be considered as 1 FTE. Employees who work for 40 hours or less are considered as 0.5 FTE

Online accounting software, built for your business

START MY FREE 14-DAY TRIAL