Paycheck Protection Program (PPP) Loan Calculator

Your details

First Draw loans were available to businesses that had not previously received a PPP loan. Second Draw loans were available to businesses that had received a First Draw loan and met the 25% revenue reduction test.
Include all wages, salaries, commissions, tips, paid leave, group health insurance premiums, retirement contributions, and state/local payroll taxes. Do not include federal payroll taxes (FICA, FUTA).
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Sum of all compensation paid to employees above the $100,000-per-year cap. Only the portion exceeding $100,000 per employee is excluded from payroll costs for PPP purposes.
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The period during which loan proceeds must be spent on eligible costs to qualify for forgiveness. The PPP Flexibility Act extended the default from 8 to 24 weeks.
Actual eligible payroll costs paid or incurred during the covered period (wages, salaries, benefits). Must be at least 60% of total loan amount for full forgiveness.
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Eligible rent or lease payments on agreements in force before February 15, 2020, paid during the covered period.
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Eligible utility payments (electricity, gas, water, transportation, telephone, internet) for service agreements established before February 15, 2020.
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Interest paid on business mortgage obligations on real or personal property incurred before February 15, 2020. Principal payments are not eligible.
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Your average full-time equivalent employees during your chosen reference period: February 15 to June 30, 2019, or January 1 to February 29, 2020.
FTEs
Your average full-time equivalent employees during the loan covered period. Each employee working 40+ hours per week counts as 1 FTE; divide part-time hours by 40.
FTEs
Currency
Maximum loan amountQualifies for full forgiveness
$114,583

Capped at $10M (First Draw) or $2M (Second Draw)

Eligible annual payroll$550,000
Average monthly payroll$45,833
Payroll multiplier2.5
Total eligible costs spent$152,000
FTE reduction quotient0.95
Payroll as % of costs78.9%
Estimated forgiveness amount$114,583
Estimated unforgiven balance$0

Your estimated maximum PPP loan is $114,583.

  • An estimated $114,583 (100%) of the $114,583 loan would be forgiven under these spending assumptions.
  • Payroll costs make up 78.9% of eligible spending, which is above the 60% minimum required for full forgiveness.
  • Your FTE count dropped to 95% of the reference period level, which reduces forgiveness proportionally. Restoring headcount to the reference period level removes this penalty.

Next stepThe PPP program is closed. If you received a loan and have not yet applied for forgiveness, contact your lender directly as the SBA deadline has passed for most borrowers.

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