New PPP Loan Forgiveness FTE Report

On May 15th, the SBA released the PPP Loan Forgiveness Application. The FTE Calculation is defined on page 7. The exact wording is as follows:

“For each employee, enter the average number of hours paid per week, divide by 40, and round the total to the nearest tenth. The maximum for each employee is capped at 1.0. A simplified method that assigns a 1.0 for employees who work 40 hours or more per week and 0.5 for employees who work fewer hours may be used at the election of the Borrower.”

We have a new report available to help calculate the FTE count. Please email your specialist at support@unifypayroll.com to request this report. Please specify in your email what date range you would like the report for and whether you’d like it in PDF or excel format.

*Please note that we had previously made available a report that tracked FTE based on the Affordable Care Act definition (130 hours per month = 1 FTE). We had provided this report based on the best estimation of what the SBA guidance might be before any guidance had been released. The SBA guidance released in the PPP Loan Forgiveness Application ultimately is different than the ACA guidance and so any previous reports provided would not have the most accurate results.

You may be seeking additional reports to find necessary information for PPP Forgiveness. A great report for finding compensation and other info is the payroll register. Here is a short manual that demonstrates how to pull and read the register.