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Paycheck protection program loan forgiveness worksheet

You can use the Paycheck Protection Program Loan Forgiveness Worksheet in the myPay Solutions Direct application to help complete your Small Business Administration (SBA) loan forgiveness application.

Run the report

  1. Open the myPay Solutions Direct application.
  2. Select
    Print Reports
     from the left pane.
  3. Select
    Paycheck Protection Program Loan Forgiveness Worksheet
     from the list of reports.
  4. Choose a date range based on your needs.
  5. To get all the information required on the application, you'll need to run the report multiple times with various date ranges.
    note
    This is all specified in the SBA application instructions.

Report details

The Paycheck Protection Program Loan Forgiveness Worksheet has sections that correlate to those on the loan forgiveness application. If a section doesn't apply to your business, it won't display on the report.
Section headings
  • Employee compensation of less than or equal to $XX,XXX.XX for the XX week time period.
     Use the information in this section to fill out Table 1 of the loan forgiveness application. This table requires you to enter information for employees who were paid an annualized rate of
    less than, or equal to
     the cap of $100,000.00 for all pay periods in 2019.
  • Employee compensation capped at $XX,XXX.XX for the XX week period.
     Use the information in this section to fill out Table 2 of the loan forgiveness application. This table requires you to enter information for employees who were paid an annualized rate of more than the cap of $100,000.00 for all pay periods in 2019.
  • Employer paid contributions and state/local taxes.
     This optional section lists the employer contributions and employer-paid state and local taxes for the reporting period. If you include this information when you run the report for the PPP loan coverage period or the alternate loan coverage period, it could help complete the
    Non-Cash Compensation Payroll Costs During the Covered Period or the Alternative Payroll Covered Period
     section of the SBA loan forgiveness application.
Columns
  • Cash Compensation.
     This column displays the employees' gross pay, excluding leave covered by the Families First Coronavirus Response Act (COVID-19 self-care, other care, and extended child care).
  • Average Full-time employee (FTE) calculations.
     For each employee, the average number of hours paid per week in the report date range is divided by 40. This is capped at 1.0 where average hours are over 40.
  • Simplified Average Full-time employee (FTE) calculations.
     This is the calculation used in the instructions for the SBA loan forgiveness application.
    • 1.0
       - The employee's average number of hours paid per week in the report date range is 40 or greater
    • 0.5
       - The employee's average number of hours paid per week in that date range is greater than 0 but less than 40
Standard hours vs actual hours
The Paycheck Protection Program Loan Forgiveness Worksheet assumes that an employee worked standard hours if all of the following conditions are met:
  • The employee used a pay item with a Salaried amount calculation type.
  • The Salaried amount pay item has an amount associated with it on the payroll check.
  • The Salaried amount pay item has 0 regular hours recorded on the payroll check.
If one or more of those conditions aren't met, the Paycheck Protection Program Loan Forgiveness Worksheet uses the actual hours as recorded on the payroll check.