Message and data rates may apply. Message frequency varies, but you may receive up to one message per week during Open Enrollment. All rights reserved. The first round of PPP funds went out April 3, 2020—and the small businesses that received funding in early April are coming to the end of the eight-week period following loan origination and having to navigate forgiveness options and fill out the PPP Loan Forgiveness Application. If you employ part time or hourly workers, they may have an FTE of less than 1.0. Not only would the funds help them keep their staff employed, but the loan was up to 100 percent forgivable if used for approved expenses (including payroll, rent, mortgage interest, and utilities). Director, Restaurant Services. Now dividing it by 30 you get 6.66. If you recall prior to the PPP Flexibility Act, the cure date was June 30, 2020. Round down, and you’ll have 8 FTEs. Watch a short demo to get a feel for Eddy’s all-in-one HR software. Using the frozen data, calculate the FTE by employee using the. On the other hand, recognition of FTE caps out at 1.0. Calculate both and choose the one for the application that is more favorable to your results: Covered Period (“CP”) ranging from eight to 24 weeks beginning on the date of your loan disbursement. There are two FTE Reduction Safe Harbors as follows: FTE Reduction Safe Harbor 1: If you were unable to operate between February 15, 2020, and the end of the Covered Period at the same level of business activity as before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020, by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19. (If your company employs independent contractors, it’s important to note that any payments made to independent contractors are not eligible for loan forgiveness and should not be included in your calculations.). 260 Country Club Rd. Five of the part-time employees average 20 hours worked each week, and the other five average 15 hours worked each week. Dustin Minton, CPA Borrowers can utilize the simplified method and count any employees working 40 hours per week or more as 1.0 FTE and any employees working less than 40 hours as 0.5 FTE. Each of your part-time employees work about 25 hours a week on average. The first way to calculate FTE is to take the average number of hours paid each week, divide by 40, and round to the nearest tenth. The penalty for not having coverage in 2018 & earlier, Small Business Health Insurance Tax Credit, Insurance for multiple locations & businesses, Additional resources for agents & brokers, Exploring coverage options for businesses, Learn more about individual coverage HRAs, How to get covered if you're a sole proprietor.

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