Webb16 juni 2024 · PPP Calculation: 55/75= 73% Maximum loan forgiveness: $500,000 * 73% = $365,000 This tells us that the borrower will need to repay $135,000 of the loan. FTE reduction “safe harbor”: The CARES Act allows for an FTE reduction “cure”. Many observers thought this safe harbor was a drafting error, but it has been repeated enough times that … WebbAdjustments for Full-Time Equivalency (FTE) and Salary/Hourly Wage Reductions . Line 9. Total Salary/Hourly Wage Reduction (enter the amount from PPP Schedule A, line Line 10. Sum the amounts on lines 1 through 8, then subtract the amount entered in line 9: Line …
PPP1 Loan Guidance PPP2 Loan Guidance PPP Loan Consulting - Lurie, LLP
Webb2 juli 2024 · There are multiple time periods to calculate FTEs when preparing your PPP loan forgiveness application: The “forgiveness period”. Calculate both and choose the one for the application that is more favorable to your... Covered Period (“CP”) ranging from … Webb1 juni 2024 · When an employee of the borrower is fired for cause, voluntarily resigns, or voluntarily requests a reduced schedule during the covered period or the alternative payroll covered period (FTE reduction event), the borrower may count such employee at the same full-time equivalency level before the FTE reduction event when calculating the section … bpb bank skvoao
Simplified Method Of Calculating Your Full Time Equivalent
Webb28 mars 2024 · Step 3. Determine if the borrower restored its FTEs to February 15, 2024 levels before the earlier of (1) the date the borrower submits its application for forgiveness to its lender or (2) December 31, 2024 (or, for a PPP loan made on or after December 27, 2024, by the last day of the loan’s covered period). Webb17 juni 2024 · Non-FTE = proportional hours based on anything less than 40 hours per week (example: 30 hours is 0.75 FTE, 10 hours is 0.25 FTE) These calculation differences lead to different amounts forgiven, sometimes favoring the simple method and other times favoring the complex method. We’ve explained with one example below. Webb28 dec. 2024 · PPP loan forgiveness A major benefit of the PPP is streamlined and simplified loan forgiveness. The new legislation expands expenses that are eligible for forgiveness and makes applying for forgiveness even easier. The covered period In order for the loan to be eligible for forgiveness, the funds must be used within the covered … bpbd grobogan