Many small business owners are trying to understand the Payroll Protection Plan (PPP) under the CARES Act signed by President Donald Trump and how (and whether) it can help small businesses.
We built this online calculator so that small business owners can quickly estimate the maximum loan they can apply for and what portion of that loan is eligible for forgiveness.
While we have tried to be as accurate as possible, please keep in mind that these numbers are only an estimate and that actual loan amounts and loan forgiveness amounts may be very different especially if:
— Our interpretation of the PPP is not accurate in one or many ways
— The answers you entered are not correct as per PPP
— If you discover any errors or issues in this tool, please report it to [email protected]
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Please press the START button and answer some questions to check your eligibility, loan amount and how much of your loan amount you may be forgiven.
Please consult this section of PPP to see what is considered as eligible payroll expense.
Please consult this section of PPP to see what is considered as eligible expense.
This tool assumes that you are not reducing the salary/wages given to your employee during the 8 weeks period compared to the most recent full quarter.
This is not a legal or financial advice. This calculator/estimator is not a financial tool and we will not be responsible for any damages/losses due to the use of this tool.
*The estiamte provided here is based on our best understanding of the "Coronavirus Aid, Relief, and Economic Security Act" Or the "CARES Act". This is no way a legal advice, or accurate calculation of loan amount or forgiveness amount or your eligibility for the loan offered under the act. Please seek appropriate advice from appropriate agency or person where applicable.
*Reductions: The estimator does not account for the reductions in forgiveness because of reducing the salary of your employees as compared to their salary during the most recent full quarter.
Information about reductions can be found in the reductions section of the act as listed below.
Apart from reductions based on the average number of employees, this tool also uses this directive from SBA regarding ratio of payroll and other expenses for calculating loan forgiveness amount.
*The estimator has been simplified to not included specific use cases such as seasonal businesses. The following sections from the act were used to create the estimator and you may refer directly to the act in order to assess your own situation better.
Section on Loan Amount: Here
Section on Loan Forgiveness: Here
Section on Seasonal Businesses: Here
Section on Reductions: Here
Section on Borrow Requirements: Here