Loan Forgiveness Paycheck Protection Program (PPP) Calculator

Employee Headcount Calculation:

Under the Paycheck Protection Program (PPP) you must re-establish your employee headcount or the amount of the loan forgiven may be reduced. To calculate use the following calculator:


PPP Formula: 

Step 1: Average FTE During Look Back Period/ Average FTE During Coverage Period = Percentage of loan forgiven

Step 2: Percentage of loan forgiven * Principal Loan Amount= Loan Amount Owed

Average FTE during "look back period" is based on the following dates:

  • The average number of full-time equivalent employees of the borrower between Feb. 15, 2019 and June 20, 2019 
  • The average number of full-time equivalent employees of the borrower between Jan. 1, 2020 and Feb. 29, 2020 

Average FTE during the "coverage period" is based on the average FTE (full-time equivalent) for the 8-weeks of PPP coverage. 



Please note: I am an HR professional. This is my opinion. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content featured in this blog post shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself.


  • @RIc thanks for the question! I will update the blog post to also include how to calculate FTE. There may be additional guidance issued as FTE calculations depend on the definition for “full-time” but unless noted otherwise, we will go with the IRS definition of 30 hours.

  • Can you define what FTE- full time equivalent mean? Is the count of anyone over 30 hrs? Or if they’re 40 hr/wk worker? Or is it all labor hours divided by 40hrs? Can you please advice as to what FTE means? Thanks


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