Schedule D  Payroll and Expected Forgiveness Calculator

Cares Act Program Overview

Step 1: Enter your Payroll Costs into the Yellow cells below. These values will automatically populate the Total Monthly Payroll costs. Remember, the maximum allowed loan is capped at $10,000,000.





Step 2: Enter the amount for each category that you expect to incur over the 8week period after receiving the loan to calculate the Maximum Loan Forgiveness Amount. Keep in mind this amount is susceptible to reductions calculated in steps 3 through 8


The Max Loan Forgiveness Amount will be reduced by the average number of FTE employees per month employed during during the 8week period after loan origination divided by the borrower's choice of two options:* Option A) The average number of full time equivalent employees per month employed from February 15, 2019 through June 30, 2019, or Option B) The average number of full time equivalent employees per month employed from January 1, 2020 through February 29, 2020. *If the business is seasonal, the business is required to utilized option A.


Step 3: Calculate expected Average number of FTE's during the 8week covered period after loan origination



Step 4: Calculate average FTEs for option A



Step 5: Calculate average FTEs for option B



Step 6: In the drop down list in the blue cell, choose the option that has the lowest number of average FTEs. If you are a seasonal business, you are required to choose option A.



Step 7: The selection in step 6 will automatically calculate the employee retention ratio.

Estimated Employee Retention Ratio 
0.0x 


Step 8: Calculate the total amount of salary reduction of employees that earned an annualized salary of less than $100,000 during the most recent full quarter during which the employee was employed before the 8week period that is in excess of 25%. Please refer back to the definitions section regarding exemptions related to returning employee salaries to prior levels.



Step 9: This will calculate the estimated Total Loan Forgiveness Amount as well as the estimated remaining loan balance postforgiveness.

Estimated Total Loan Forgiveness 
$0.00 
Estimated Remaining Loan Balance PostForgiveness 
$0.00 

