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This Document Includes Loan Forgiveness Examples to Help Business Owners Like You Complete the Pre-Work Required to Request Forgiveness

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This Document Includes Loan Forgiveness Examples to Help Business Owners Like You Complete the Pre-Work Required to Request Forgiveness ® PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS PRE-WORK EXAMPLES This document includes Loan Forgiveness examples to help business owners like you complete the pre-work required to request Forgiveness. These examples illustrate how to calculate your loan Forgiveness amount. Click on the examples in the chart below to review the calculations required. While all of the specifics may not fit your business, the examples should help you. Before starting your Forgiveness request online through Chase, you’ll want to use your own costs to complete the calculations for your business. We hope these examples give you confidence in navigating Form 3508EZ. FORM 3508EZ FORM 3508EZ FORM 3508EZ EXAMPLE 1 EXAMPLE 2 EXAMPLE 3 ABC Cookies A&A IT Finn’s Consulting Sporting Goods Business type Self-employed, Limited Liability Limited Liability Sole Proprietor Company (LLC) Company (LLC) or Single-member Limited Liability Company (LLC) Employees None Yes Yes Types of costs Payroll and Payroll only Payroll and non-payroll non-payroll IMPORTANT NOTE: For informational purposes only: Examples described may not be appropriate for every business, and do not take the place of legal, tax or accounting advice for your situation. You should carefully consider your needs and objectives before making any decisions, and consult the appropriate professional(s). This information is dated 11/04/2020 and is subject to change. For the most recent details, visit SBA.gov and Treasury.gov. JPMorgan Chase Bank, N.A. Member FDIC. Equal Opportunity Lender. © 2020 JPMorgan Chase & Co. ® PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS PRE-WORK EXAMPLES PRE-WORK EXAMPLE 1 ABC Cookies ABC Cookies received $20,833.00 in a PPP loan on Business type May 4, 2020, and spent the funds across an 8-week SELF-EMPLOYED Covered Period, which ended on June 29. SCHEDULE C SOLE PROPRIETOR Because ABC Cookies is a Schedule C Sole Proprietorship Employees and can check Box 1 on Form 3508EZ Instructions, NONE it can use the SBA Form 3508EZ. Covered Period We’ll show how this business calculated its Loan 8 WEEKS Forgiveness amount. We’ll walk you through ABC Cookies’ SBA Form as well as additional calculations it needs to Eligible payroll costs YES make along the way. You’ll want to complete the steps below for your own Eligible non-payroll costs business before starting your Forgiveness request YES online through Chase. When you’re ready, you’ll use this pre-work for your Chase online request. Keep in mind SBA Form used 3508EZ that Chase’s online request closely mirrors the SBA Form you choose. Chase for Business | Loan Forgiveness pre-work examples 2 STEP 1 Calculate payroll costs On Line 1, ABC Cookies enters the payroll costs incurred or paid during the Covered Period. NOTE Your incurred or paid There are caps on the salaries for owner employees making more than $100,000.00. payroll costs could be If your business is using the 8-week Covered Period (as ABC Cookies is), owner more than your PPP loan amount. That’s OK. compensation is capped at $15,385.00. If using the 24-week Covered Period, owner compensation is capped at $20,833.00. While completing the request online, remember to click on all the dropdown arrows to view important information such as “eligible payroll costs and instructions.” We TIP If your calculated created the dropdowns to help you along the way. Because ABC Cookies is a Sole payroll costs on Proprietorship and has no employees, it uses only owner compensation as cash Line 1, including Salary/ compensation for employees, and employee benefits are not eligible for Forgiveness. Hourly Wage Reduction and FTE information (if ABC Cookies only has one owner who makes more than $100,000.00 annually, so it applicable), are equal enters $15,385.00 (the capped amount) on Line 1. to or greater than your PPP loan amount, you LINE 1. Payroll Costs = $15,385.00 can request Forgiveness for your full PPP loan without submitting Because ABC Cookies does not have employees and its payroll costs are lower than your non-payroll costs. its loan amount, it will move on to Lines 2–4. Keep in mind: Once we submit your Forgiveness request to the SBA, STEP 2 you might not be able Calculate non-payroll costs (Lines 2 through 4) to submit additional supporting payroll or Eligible non-payroll costs include business mortgage interest payments, business non-payroll costs or rent or lease payments and business utility payments. Your business must have taken documents in support of your request. on these obligations before Feb. 15, 2020. On Lines 2 through 4, enter the eligible costs paid or incurred during your Covered Period. For ABC Cookies: LINE 2. Business mortgage interest payments: $0.00 Line 3. Business rent or lease payments: $7,000.00 Line 4. Business utility payments: $3,000.00 Total non-payroll costs: $10,000.00 Chase for Business | Loan Forgiveness pre-work examples 3 STEP 3 Potential Forgiveness amounts Chase will pre-populate Lines 5 through 7. For ABC Cookies: LINE 5. The sum of Lines 1 through 4: $25,385.00 LINE 6. PPP loan amount: $20,833.00 Using the SBA’s formula, Line 7 is calculated by dividing your payroll costs (Line 1) by 0.60. If Line 7 is equal to or greater than Line 6 (your PPP loan amount), you’ve spent at least 60% of your loan on payroll costs. For ABC Cookies: LINE 7. Payroll cost calculation: $25,641.67 Line 7 ($25,641.67) is greater than Line 6 ($20,833.00), so ABC Cookies spent at least 60% of its loan on payroll costs. STEP 4 Your Forgiveness amount We’ll pre-populate Line 8. Line 8 will be the lowest of Lines 5, 6 or 7. For ABC Cookies: LINE 8. Forgiveness amount: $20,833.00 TIP If your Forgiveness amount requested is less than your loan amount and you think you still have time to use the extra funds, you may want to consider submitting your request later. Chase for Business | Loan Forgiveness pre-work examples 4 ® PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS PRE-WORK EXAMPLES PRE-WORK EXAMPLE 2 A&A IT Consulting A&A IT Consulting received $100,962.00 in a PPP loan on June 22, 2020 and used the funds across 19 weeks. It is ready Business type LIMITED LIABILITY to request Forgiveness before the end of its Covered Period. COMPANY (LLC) A&A is structured as a Limited Liability Company Employees with employees. All of its employees earn under YES $100,000.00 annually. Covered Period A&A can use the SBA Form 3508EZ because it can check 24 WEEKS Box 2 on Form 3508EZ Instructions and had no reduction Eligible payroll costs in employees, employee hours or employee salaries/ YES hourly wages. Eligible non-payroll We’ll show how this business calculated its Loan costs Forgiveness amount. We’ll walk you through A&A’s SBA NO Form as well as additional calculations it needs to make SBA Form used along the way. 3508EZ You’ll want to complete these steps for your own business before starting your Forgiveness request online through Chase. When you’re ready, you’ll use this pre-work for your Chase online request. Keep in mind that Chase’s online request closely mirrors the SBA Form you choose. Chase for Business | Loan Forgiveness pre-work examples 5 NOTE STEP 1 There are caps on salaries for Calculate payroll costs employees making more than $100,000.00. If your business On Line 1, A&A will enter the payroll costs it incurred or paid during the is using the 24-week Covered Period, eligible individual salaries Covered Period. are capped at $46,154.00. If The SBA salary caps are based on an 8-week or 24-week Covered Period using the 8-week Covered Period, eligible individual salaries are depending on when you received your funds. However, if your business, capped at $15,385.00. like A&A’s, spent your loan funds in less time, you calculate the salary cap based on the number of weeks during which you spent the funds. Owner compensation is capped at $20,833.00 for 24 weeks and For example, if an employee made over $100,000.00 annually, you would $15,385.00 for 8 weeks. calculate their salary cap by dividing $100,000.00 by 52 weeks, then multiplying by the number of weeks the money was spent. In this case, it was 19 weeks. NOTE $100,000.00 ÷ 52 = $1,923.08 $1,923.08 x 19 = $36,538.46 While completing the Chase request online, remember to Because A&A Consulting has employees, it will include: click on all the dropdown arrows • Employee cash compensation to view important information such as “eligible payroll costs • Employee benefits like health insurance and retirement plans and instructions.” We created • Employer state and local taxes paid by the business and assessed on the dropdowns to help you along employee compensation the way. • Owner compensation To calculate how much it has spent on employee cash compensation, A&A will use Table 1 from the Schedule A Worksheet found in SBA Form 3508. To submit its request, A&A will use Form 3508EZ. Step 1-A A&A fills inColumns 1 and 2 for all employees who are paid less than or equal to $100,000.00 annually. The Employee Identifier inColumn 2 is the last 4 digits of each employee’s Social Security number. Example SBA Form 3508, Table 1, Schedule A Worksheet: Column 1 Column 2 Column 3 Column 4 Column 5 Employee Salary/Hourly Wage Employee’s Name Identifier Cash Compensation Average FTE Reduction Kimberly 1234 Jay 5678 Elsie 9101 Rafael 1121 Xavier 3141 Hideko 5161 Sam 7181 FTE Reduction Exceptions: Totals: Box 1 Box 2 Box 3 Chase for Business | Loan Forgiveness pre-work examples 6 Step 1-B A&A then calculates payroll costs at an annualized rate during the Covered Period in Column 3.
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