Paycheck Protection Program Loan Forgiveness Estimator

Whether you have recently received your Small Business Administration loan through the Paycheck Protection Program (PPP), or are hoping to apply in the future, how much of your loan may be forgivable by the federal government is based on many factors. We have created a Loan Forgiveness Estimator to assist you with understanding what part of your loan may be forgiven.

LOAN FORGIVENESS: WE EXPECT FURTHER GUIDANCE BUT WHAT WE KNOW IS THE FOLLOWING

  • Your loan can be forgiven up to the full principal amount the loan and any accrued interest. However, there are a number of factors that may limit the amount eligible for loan forgiveness.
  • Initially, the amount of your loan can only be forgiven up to the sum of the acceptable expenses (listed below) incurred and payments made, during an 8-week period beginning on the date of receipt of the loan from the lender (the “covered period”).
  • To maximize forgiveness, you must use at least 75% of the loan amount for payroll costs and not more than 25% the loan forgiveness amount may be non-payroll costs.
  • Your loan forgiveness amount will also be further reduced if you (1) fail to maintain the same number of full time equivalents during the covered period when compared to a defined lookback period and/or (2) decrease wages paid by more than 25% for employees making less than $100,000 per year.
  • Your loan will accrue interest of 1% but payments may be deferred for up to six months.

Acceptable Expenses

  • Payroll costs (including employee benefits)
  • Interest payments on any covered mortgage obligation incurred before Feb. 15, 2020
  • Payment of rent under a lease in force prior to Feb. 15, 2020
  • Utility payments for which service began before Feb. 15, 2020
To find out how much you may qualify for through the PPP, use our Paycheck Protection Program Loan Forgiveness Estimator below: