General Inquiries

PPP - Calculating the Forgiveness

  • 1.  PPP - Calculating the Forgiveness

    Posted 05-12-2020 08:19
    I have read both "full time employees", and "FTE's" are used in the PPP forgiveness calculation.
    The vast preponderance of information, and IMHO the best sources of information state FTE is the standard used for the calculation.

    I would like to know:
    1.  if the majority of Forum readers agree - are FTE's the correct standard to use to calculate the PPP loan forgiveness?
    2.  if FTE's are used, and we use a standard of 30 hours for offering full time benefits, do you agree we would use the same 30 hour standard?
    3.  if the 30 hour standard is appropriate, we have 4 part time people who work 22 hours per week, would we include 2 FTE in calculations?

    My thought is FTE's is the proper way to calculate PPP forgiveness; and in the above case, 2 FTE's included in the calculation is correct.
    It is either 1 or 0.
    I do like to check my understanding.......

    thank you,
    Joe Harper

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    Joseph Harper CPA, CCIFP
    CFO
    Greater Dayton Construction Group
    Beavercreek OH
    (740) 607-1449
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  • 2.  RE: PPP - Calculating the Forgiveness

    Posted 05-22-2020 16:48
    HI, Joe,
    Have you worked with the Loan Forgiveness Workbook that was posted a while ago?  Here is the link, if you missed it: https://www.arbcpa.com/ppp-loan-forgiveness-workbook/

    I found the template provided for calculating FTEs to be really helpful.

    Adrienne

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    Adrienne Cantrell CPA
    Controller
    Kelso WA
    (360) 577-8288
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  • 3.  RE: PPP - Calculating the Forgiveness

    Posted 05-23-2020 08:03

    Adrienne,

     

    Thank you.

    I have a calculator I have been using from Brady Ware.

    I looked at the attached, and prefer it.

     

    Thank you for an awesome tool!!

    Have a great weekend.

    Joe Harper

     

     






  • 4.  RE: PPP - Calculating the Forgiveness

    Posted 05-25-2020 17:16
    Agreed. This is an excellent tool!

    However, there are still some complexities around extracting, auditing and automatically populating the information into that spreadsheet.

    At Olsen Consulting, we've built a solution to automate every aspect of this process to pull the data direct from your ERP. If you'd like to learn more, please contact us at:

    info@olsenconsulting.ca

    Best regards,

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    Jon Olsen
    President/CEO
    Olsen Consulting
    Calgary AB
    (403) 836-5118
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