How to Use the PPP Forgiveness Estimator
Our PPP Forgiveness Estimator helps you complete your forgiveness application and get a better idea of what portion of your PPP Loan is likely to be forgiven. Please note that guidance is evolving and this estimator will change as new guidance is released.
The current version of the estimator incorporates the most recent guidance and uses the generally accepted assumptions about the areas of the code that guidance has not yet been released on.
1. Launch the PPP Forgiveness module.
2. If you would like to navigate to any of the linked PPP Loan Forgiveness Resources or run PPP Ad-Hoc Reports for supplemental documentation for your application, you can do so here. Otherwise, click Start Estimator.
- If your loan was for $50,000 or less, you can complete the linked application for PPP loans of $50,000 or less under Resources instead of the Full Application
- You can also check your eligibility to complete the EZ Application. If you meet any of the criteria listed, you can complete the Application EZ under Resources instead of the Full Application
- If you do not meet either of the criteria above, you will need to complete the PPP Full Application and attached Schedule A. This module will help you calculate the information you will need to enter on these documents
3. Enter your loan amount, date funds received, and select which company/companies you would like to run the report for from the companies list. Then:
- Select to use either the 8-week or 24-week spending period,
- If you would like to use the SBA's alternative period for calculating payroll costs (note, as the alternative period is specified as the eight-week (56-day) period that begins on the first day of their first pay period following your PPP Loan Disbursement Date, you will only need to enter this start date of your alternative period and our system will auto-calculate the end date),
- Indicate if your business is seasonal, and
- Enter the amount of any EIDL grant received.
4. Once all of your Basic Loan Data is entered, click Save & Recalculate. If you are prompted to view your Schedule A Worksheet, click Yes. Otherwise, click the Schedule A Worksheet tab at the top of the screen to complete your Schedule A Worksheet (step-by-step instructions can be found here).
5. Once your Schedule A Worksheet is completed, return to the Forgiveness Estimator page. Here, you can manually enter or override your Payroll Costs in the Override fields if necessary. (For example, to add in the business' mortgage, rent, or utility costs not recorded in payroll)
6. Complete your calculation by reviewing your FTE information and salary reduction information. Again, if any edits are needed from your Schedule A calculation, you may enter these in the Override fields.
7. Once you have made all necessary changes, click Save & Recalculate to view your final estimated loan forgiveness package.
NOTE: This tool is provided for informational purposes only and, as it is designed to be used for estimations only, we are not responsible for the accuracy of the content or how you may use the results. These calculations are based on guidance which is evolving and may change at any time. The information in these materials should not be considered legal, accounting, investment or fiduciary advice. Each lender has some discretion in how they will administer forgiveness. Please contact your lender for their specific requirements.
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