What documents are needed to receive PPP forgiveness?ĭocumentation is critical to receive PPP forgiveness, especially if your goal is to have 100% of your loan forgiven.
#Fastlane ppp full
*If you reduced your headcount during February 15-August 26 due to COVID-19, you have until Jto return to full eligibility for loan forgiveness.
You were unable to return to normal operation and employment levels due to safety restrictions. Positions for which a qualified individual could not be found. Employees who requested a reduction in hours. Employee rejects a written job offer for the same pay and hours (must be documented). You may be eligible to exempt some of the missing headcount if specific conditions are met. Some business owners have experienced difficulty rehiring individuals after COVID-19 layoffs. If your final total is less than 1, you may be eligible for a proportionate loan forgiveness amount. If your final total is equal to or greater than 1, you meet the requirement for 100% loan forgiveness. Seasonal employers must choose their total from #4 to indicate accurate employment numbers. Take the highest number from step 4 and 5. Divide your total from #1 by your total for #3 and write it down. Divide your total from #1 by your total for #2 and write it down. (This provides a baseline for immediate pre-COVID employment.) Find the average number of full time employees during the period of January 1-February 29, 2020. (This provides a baseline for a seasonal employer.) Find the average number of full time employees during the period of February 15-June 30, 2019. Start with the FTE employee headcount you had at the beginning of your PPP loan disbursement (the day you received your first payment). How do you calculate FTE for PPP loan forgiveness? Business owners need to calculate their FTE (full time employees) by measuring previous employment against employment during this PPP loan window. In order to receive loan forgiveness, you need to show that you maintained your headcount or rehired employees within the designated window. A major design of the PPP program was to help businesses maintain or return to their existing headcount amidst COVID-19 layoffs.
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