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How Do I Fill Out the Paycheck Protection Program (PPP) Forgiveness Calculation Form?

We know that some of these forms may seem daunting. Follow the instructions below for more clarity on how to complete the PPP Forgiveness Calculation Form.

Business Legal Name (“Borrower”)/DBA or Tradename (if applicable)/Business TIN (EIN, SSN)

• Enter the same information as on your Borrower Application Form.

Business Address/Business Phone/Primary Contact/E-mail Address

• Enter the same information as on your Borrower Application Form, unless there has been a change in address or contact information.

SBA PPP Loan Number

• Enter the loan number assigned by the SBA at the time of loan approval. Request this number from the Lender if necessary.

PPP Loan Amount

• Enter the disbursed principal amount of the PPP loan (the total loan amount you received from the Lender).

Employees at Time of Loan Application

• Enter the total number of employees at the time of the Borrower’s PPP Loan Application.

Employees at Time of Forgiveness Application

• Enter the total number of employees at the time the Borrower is applying for loan forgiveness.

PPP Loan Disbursement Date

• Enter the date that you received the PPP loan proceeds from the Lender. If loan proceeds were received on more than one date, enter the first date on which you received PPP loan proceeds.

EIDL Advance Amount

• If you received an Economic Injury Disaster Loan (EIDL) advance, enter the amount.

EIDL Application Number

• If you applied for an EIDL, enter your EIDL Application Number.

Payroll Schedule

• Select the box that corresponds to your payroll schedule.

Covered Period

• Enter the eight-week (56 day) covered period of your PPP loan. The first day of the covered period must be the same as the PPP Loan Disbursement Date. For example, if you received your PPP loan proceeds on Monday, April 20, the first day of the covered period is April 20 and the last day of the covered period is Sunday, June 14.

Alternative Payroll Covered Period

• For administrative convenience, those with a biweekly (or more frequent) payroll schedule may elect to calculate eligible payroll costs using the eight-week (56 day) period that begins on the first day of their pay period following their PPP Loan Disbursement Date (the “Alternative Payroll Covered Period”). For example, if you received your PPP loan proceeds on Monday, April 20, and the first day of your first pay period following its PPP loan disbursement is Sunday, April 26, the first day of the Alternative Payroll Covered Period is April 26 and the last day of the Alternative Payroll Covered Period is Saturday, June 20.
• If you elect to use the Alternative Payroll Covered Period, you must apply the Alternative Payroll Covered Period wherever there is a reference in the application to “the Covered Period or the Alternative Payroll Covered Period.”
• However, you must apply the Covered Period (not the Alternative Payroll Covered Period) wherever there is a reference in the application to “the Covered Period” only.

If Borrower Received PPP Loans in Excess of $2 Million

• Check the box if the borrower, together with its affiliates, received PPP loans with an original principle amount in excess of $2 million.

If you have any questions, be sure to reach out to a THF Certified Public Accountant here.

 

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