The Payroll Protection Program has come through for some lucky companies. The questions now are streaming in around how to calculate loan forgiveness and how to maximize loan forgiveness over the next eight weeks.
We dug through two main sources to get answers, the Cares Act and the SBA’s Interim Final Rule. Even the name interim final rule suggests that the Treasury is building the plane while we are flying in it. We can’t get caught up in that though, we have to get to the next steps.
So we put together a free PPP Forgiveness Calculator to help. There are two main areas that we focus on in the calculator:
- The forgiveness percentage which is based on number of employees and payroll spend AND
- Qualified costs – we dig in line by line on each allowable cost.
We have added step-by-step instructions to every tab in the calculator to make it easy as possible to use,starting with a “How to Use this Sheet” tab.