Paycheck Protection Program - Program Ended August 8, 2020
[Click Here] for the PPP EZ Loan Forgiveness Application
[Click Here] for the Paycheck Protection Program (PPP) Information Fact Sheet
[Click Here] for a Brief Overview of (PPP)
[Click Here] for the US Treasury Department Information Fact Sheet for the Paycheck Protection Program (PPP)
[Click Here] to view the Hilb Group CARES Act and PPP webinar
[Click Here] to view the Hilb Group CARES Act and PPP presentation deck
Watch the MEA Retail Owner Webinar - CARES Act for EIDL and PPPL [Click Here]
Tips for Calculations your PPP Loan
Steps for calculating Payroll Costs for SBA PPP Loan application:
- Get a copy of your IRS Form 940 or 940-EZ for 2019
- Use the amount from line 3 “Total payments to all employees:”
- Then determine if any employees make over $100,000 annually
- If so, then subtract only the amounts that they made over the $100,000
- Then determine your total 2019 costs for insurance benefits (health, dental, vision, disability, etc.)
- Take the amount from step 2 and subtract the amount from step 3 and add the amount from step 5 to get total Payroll Cost (for SBA loan)
- Take that number and divide it by 12 to get average monthly payroll cost then multiply it by X2.5 for total loan amount
Example: Four (4) employees that make $125K, $80K, $50K and $25K annually
Total payroll cost for calendar 2019 (from 940): $280,000
Total amount paid to employees over $100,000: -$25,000
Total company expense from employees insurances: $48,000
Total payroll costs for 2019: $303,000
Average monthly payroll costs for 2019: $25,250
SBA PPP authorized loan amount (X2.5): $63,125
[Click Here] For information on Reconciling your Paycheck Protection Plan Loan