PPP Loan Calculator

Calculate Your Paycheck Protection Program Eligibility - Loan Amount & Forgiveness

For businesses harmed by the novel coronavirus pandemic, relief may come in the form of a PPP loan. U.S.-based businesses, self-employed, contractors, freelancers, and gig workers may all have access to PPP loans if eligible.

Complete these PPP Loan Calculators to estimate your best eligibility amount and
the amount of PPP loan forgiveness that may be extended to your business.

Get started by determining your eligible loan amount below.

Loan Amount Eligibility Calculator

Determine the PPP Loan amount your business is eligible for by completing the following fields.

Annual payroll costs (gross) Enter estimated annual salaries and benefits of employees located in the United States, including wages, commissions, tips, and state and local payroll taxes.

The forgivable amount for employee annual payroll cost is capped at $100,000. PPP recognizes and will forgive payroll expenses of up to 2.5 times the monthly gross of employee payroll costs.

Employer-paid benefit costs include payment for group health care benefits, insurance premiums, and retirement.

Contractors or other 1099 workers do not count toward payroll or headcount requirements under PPP. These workers are eligible to apply for PPP loans and PPP loan forgiveness as single-person businesses.
Annual salary excess of $100k Enter the total gross amount of salary that exceeds $100,000 per year, per employee.
Wages to employees on 1099 Enter the total cost of wages paid to contract employees working with Tax Form 1099, typically paid on a daily, weekly, or bi-weekly basis.
Avg. monthly qualifying payroll = $ -
Outstanding EIDL loan Enter the amount of payment outstanding on an existing EIDL loan.
EIDL Advance loan Enter the total amount of money accepted for EIDL advance.
Loan Amount Eligibility $ -
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Got Your PPP loan Somewhere Else?

Complete a PPP Loan forgiveness application for free. Visit PPPForgivnessTool.com

Loan Forgiveness Eligibility Calculator

Up to 100% of PPP Loan funds may be forgiven if all criteria are met. Estimate the amount of forgiveness your business may receive for its PPP Loan. Complete the following fields with the total amounts to be paid within the eight weeks of your covered period.

To qualify for loan forgiveness your business must first submit a PPP loan forgiveness application.

PPP Loan Amount Received
Payroll costs
(during covered period) Enter estimated annual salaries and benefits of employees located in the United States, including wages, commissions, tips, and state and local payroll taxes.

The forgivable amount for employee annual payroll cost is capped at $100,000. PPP recognizes and will forgive payroll expenses of up to 2.5 times the monthly gross of employee payroll costs.

Employer-paid benefit costs include payment for group health care benefits, insurance premiums, and retirement.

Contractors or other 1099 workers do not count toward payroll or headcount requirements under PPP. These workers are eligible to apply for PPP loans and PPP loan forgiveness as single-person businesses.
Mortgage interest payment
(during covered period) Enter the total mortgage interest paid for office space during covered period.

Covered period may begin on the day PPP loan funds are provided to the business, or on the first pay day following the provision of PPP loan funds. Eligible mortgage expenses must be in force before February 15, 2020.
Office rent paid
(during covered period) Enter the total rent paid for office space during covered period.

Covered period may begin on the day PPP loan funds are provided to the business, or on the first pay day following the provision of PPP loan funds. Eligible rent expenses must be in force before February 15, 2020.
Utilities paid
(during covered period) Total cost of facilities necessary to enabling work. Utilities include gas, water, electricity, and waste disposal. Eligible utilities will have service start date before February 15, 2020.

Cell phone and internet services may not be included as utilities within the PPP loan forgiveness application.
Existing EIDL amount taken Enter the total amount of EIDL that you would like to refinance as part of the PPP Loan. .

FTE reductions.

Number of FTE in Pre-Covid 19 Period
Number of FTE in 8 week covered Period
Total of Over 25% pay cut amount in employees salary
Loan Forgiveness Eligibility $ -

If you received a PPP loan from Biz2Credit you can apply for forgiveness in your Biz2Credit account. Login to get started.

Got Your PPP loan Somewhere Else?

Complete a PPP Loan forgiveness application for free. Visit PPPForgivnessTool.com

Payment Protection Program Loan Forgiveness FAQs

Payroll includes:

  • Salary, wage or similar compensation,

  • Payment of cash tips or equivalent

  • Payment for vacation, parental, family, medical, or sick leave;

  • Allowance for dismissal or separation;

  • Payment required for the provisions of group health care benefits, including insurance premiums;

  • Payment of any retirement benefit;

  • Payment of State or local tax assessed on the compensation of employees; plus

  • The sum of payments of any compensation or income that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in 1 year, as prorated for the covered period

The PPP salary cap of $100,000 will provide for up to that amount for employees. While the PPP will not provide funds for the difference, all employees regardless of salary above 100,000 are eligible to be counted in PPP.

Total paid compensation $125,000
$100,000 covered by PPP $25,000 uncovered remainder
   

No, contractors or other 1099 workers do not count toward the payroll of your business. 1099 workers can apply for PPP independently.

Yes, part-time employees do count toward total payroll for PP calculations. To attain the compensation amount for part-time employees take the average of hours worked multiplied by the employee’s hourly rate.

Payroll does not include

  • Compensation of full and part time employees in excess of $100,0000 per year.

  • Compensation for contractors or 1099 workers.

  • Certain taxes imposed or withheld during the time period

  • Any compensation of an employee whose principal place of residence is outside the United States

  • Qualified sick leave wages for which a credit is allowed under section 7001 of the Families First Coronavirus Response Act (Public Law 116–6 127)

  • Qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act (Public Law 116–12 127)

  • Self-Employed

  • Independent Contractors

  • Sole proprietors

  • Small businesses with employee count of 500 or fewer

  • Non-profits – 501(c)(3) and 501(c)(19) – with employee count of 500 or fewer

  • Franchises on a location by location basis

For more information specific to Small Business Administration business size requirements visit SBA table-size standards.

Self-employed individuals, contractors, other sole-proprietors or businesses with an owner and no employees all may apply for PPP loans.

IRS Form 1040 Schedule C businesses with no employees do not need to file their 2019 taxes, but they must complete the form to determine the amount of assistance they may qualify for.

Franchises and hospitality businesses may apply on a per location basis. Locations with 500 employees or fewer may be eligible for PPP loans.

No. There is no credit requirement to apply for PPP. The qualifying criteria regards number of employees and payroll expenses.

Documentation required to apply for PPP loans may vary based on type of business. For a complete list of documents needed access the Biz2Credit PPP documentation checklist.

Employees who may have been laid off or furloughed can be rehired and counted toward payroll expenses. If you reduced employment or wages between February 15 and April 26, then you are eligible to avoid a reduction in loan forgiveness by increasing payroll and, or rehiring employees.

Employees must be rehired by June 30th.

No. You do not have to rehire the same people. However, the total payroll amount used and requested must match to qualify for the maximum loan forgiveness.

Apply now for a loan under the CARES Act
Paycheck Protection Program

Apply Now

Coronavirus response programs continue to evolve. Biz2Credit’s analysis and resources are subject to change based on the growth of COVID-19 relief efforts. For up-to-date information check the COVID-19 Small Business Resource Hub.

Disclaimer: Your Paycheck Protection Program (PPP) loan application is subject to our Business Finance Terms and Conditions. Please note that your proposed PPP loan is also subject to SBA eligibility and other requirements including documentation and size requirements. PPP loans are issued at the sole discretion of the lender and the SBA in accordance with their respective rules and other federal guidelines. Approved PPP loans are governed by definitive documentation of the lender, which incorporate PPP terms and conditions. Biz2Credit is not a lender.