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.
Month Total Monthly Payroll Wages, Commissions, Salary Cash Tips & Equivalents Vacation, Parental, Medical or Sick Leave Healthcare Benefits, Including Premiums Retirement Benefits State or Local Tax Assessed Payroll Taxes Compensation For Employees Who Live Outside The US Qualified Sick Leave For Which Credit Is Allowed Under Relief Act
December 2019 $0.00  
November 2019 $0.00  
October 2019 $0.00  
September 2019 $0.00  
August 2019 $0.00  
July 2019 $0.00  
June 2019 $0.00  
May 2019 $0.00  
April 2019 $0.00  
March 2019 $0.00  
February 2019 $0.00  
January 2019 $0.00  
Total TTM Payroll $0.00
Compensation In Excess of $100,000
Applicable Total Monthly Payroll $0.00
Average TTM Monthly Payroll $0.00
Multiplied By 2.5
Loan Based On Payroll $0.00
Maximum Allowed Loan $0.00
Step 2: Enter the amount for each category that you expect to incur over the 8-week 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
Description Expected Cost During 8-Week Period
Payroll Costs
Mortgage Interest
Rent Obligations
Utility Payments
Estimated Max Loan Forgiveness Amount $0.00
The Max Loan Forgiveness Amount will be reduced by the average number of FTE employees per month employed during during the 8-week 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 8-week covered period after loan origination
Week After Loan Total FTEs
Week 1
Week 2
Week 3
Week 4
Week 5
Week 6
Week 7
Week 8
Average FTEs For 8 Week Period 0
Step 4: Calculate average FTEs for option A
Month Total FTEs
February 2019
March 2019
April 2019
May 2019
June 2019
Average FTEs For Option A 0
Step 5: Calculate average FTEs for option B
Month Total FTEs
January 2020
February 2020
Average FTEs For Option B 0
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 8-week period that is in excess of 25%. Please refer back to the definitions section regarding exemptions related to returning employee salaries to prior levels.
Employee Name Salary During Most Recent Full Quarter Salary During 8 - Week Period $ Reduction % Reduction Amount Of Loan Forgiveness Reduction
Employee A $0.00 0% $0.00
Employee B $0.00 0% $0.00
Employee C $0.00 0% $0.00
Employee D $0.00 0% $0.00
Estimated Total Amount Of Reduction In Loan Forgiveness Related To Salary Or Wage Reduction $0.00
Step 9: This will calculate the estimated Total Loan Forgiveness Amount as well as the estimated remaining loan balance post-forgiveness.
Estimated Total Loan Forgiveness $0.00
Estimated Remaining Loan Balance Post-Forgiveness $0.00