To apply for forgiveness of a Paycheck Protection Program (PPP) loan under the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, borrowers will be asked for a count of their full-time equivalent (FTE) employees. This calculator will assist in calculating the FTEs under 2 options:
Calculate the average hours per week for each employee, divide by 40 and round to the nearest tenth decimal place. Each employee will be capped at 1 FTE.
Simplified method: All employees with 40 or