We have received several inquiries regarding the calculation of the loan forgiveness part of your Paycheck Protection Program loan. Although Treasury/SBA has not issued enough guidance to accurately calculate these amounts, we are providing you with an ESTIMATED loan forgiveness calculator from Thomson Reuters for you to review while we wait for the much needed guidance. When you click this link, look for an Excel file calculator to download rather than opening in a new window:
Additional guidance in calculating the loan forgiveness amount of the loan, which is expected on or before April 26, will hopefully provide clarification on such questions as:
1. What is the definition of an FTE?
2. Is the 25% of the non-payroll costs expenses based on the gross amount of proceeds or the amount of overall debt forgiveness?
3. Are the payments which qualify for the forgiveness cash payments only?
4. Can accrued amounts or prepaid amounts be included as long as they are paid within the eight weeks?
5. Other details of the calculation which are not currently defined.
We will continue to provide information on this important topic and will update the calculator as we receive more information. Please don’t hesitate to contact your tonneson + co representative should you have any questions.