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    PSC PPP Form 103: Maximum Loan Calculation Worksheet

    Uploaded by

    abubakr jimoh
    This document provides a worksheet to help calculate the maximum loan amount for a Paycheck Protection Program (PPP) loan. It outlines allowable payroll costs and how to determine the average monthly payroll amount using gross earnings from tax forms. It then provides steps to calculate the loan amount, which is the average monthly payroll multiplied by 2.5, or 3.5 for certain business types. The document requires documentation be provided to support all figures.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    PSC PPP Form 103: Maximum Loan Calculation Worksheet

    Uploaded by

    abubakr jimoh
    45 views2 pages
    This document provides a worksheet to help calculate the maximum loan amount for a Paycheck Protection Program (PPP) loan. It outlines allowable payroll costs and how to determine the average monthly payroll amount using gross earnings from tax forms. It then provides steps to calculate the loan amount, which is the average monthly payroll multiplied by 2.5, or 3.5 for certain business types. The document requires documentation be provided to support all figures.

    Original Description:

    PPP loan revised form

    Original Title

    Revised-Form-103_2021-03-10-fillable

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    This document provides a worksheet to help calculate the maximum loan amount for a Paycheck Protection Program (PPP) loan. It outlines allowable payroll costs and how to determine the average monthly payroll amount using gross earnings from tax forms. It then provides steps to calculate the loan amount, which is the average monthly payroll multiplied by 2.5, or 3.5 for certain business types. The document requires documentation be provided to support all figures.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    45 views2 pages

    PSC PPP Form 103: Maximum Loan Calculation Worksheet

    Uploaded by

    abubakr jimoh
    This document provides a worksheet to help calculate the maximum loan amount for a Paycheck Protection Program (PPP) loan. It outlines allowable payroll costs and how to determine the average monthly payroll amount using gross earnings from tax forms. It then provides steps to calculate the loan amount, which is the average monthly payroll multiplied by 2.5, or 3.5 for certain business types. The document requires documentation be provided to support all figures.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    PSC PPP Form 103: Maximum Loan Calculation Worksheet*

    *If you are a Sole Proprietor, Self-Employed individual, Independent Contractor, or Single-
    member LLC who wants to apply using the new SBA regulations (allowing Schedule C filers to
    calculate the loan amount using GROSS earnings, not NET), this form isn’t required
    Revised: March 10, 2021
    Legal Business Name TIN (EIN or SSN)

    The purpose of this worksheet is to accurately determine the following two figures that you will
    input on your SBA Application:

    1. Average Monthly Payroll


    - The total allowed payroll expenses for the Base Period divided by the
    number of months in the Base Period
    2. Loan Request Amount
    - The Average Monthly Payroll multiplied by 2.5 (or 3.5 if your NAICS code
    begins with 72)

    IMPORTANT NOTE - Documentation must be uploaded to support every figure on page 1 of this
    form. The SBA has made this requirement and there will be no exceptions.

    ALLOWABLE PAYROLL COSTS $ for Base


    LIMITED TO $100,000 ANNUALLY PER EMPLOYEE Period
    Choose your BASE PERIOD – 12 months of 2019 or 12 months of 2020.
    For a Base period that is greater or less than 12 months, determine if you are
    eligible by looking at the Help tab on ppp-apply.com.
    GROSS PAYROLL paid to employees - this is the sum of all 4 quarters of your
    941 (line 5c). Required support: 941s, 940, W3, W2(s)
    OWNER EARNINGS - this is found on your Schedule C (line 31) or on your K1.
    Required support: Schedule C (from 1040) or K1 (from 1120)
    EMPLOYER CONTRIBUTIONS to employee group health, life, disability, vision,
    and dental insurance. Required support: statements from health care provider
    or CARES Report
    STATE AND LOCAL TAXES assessed on employee compensation (commonly
    referred to as State Unemployment Tax Act or SUTA). Required support:
    quarterly state wage reporting forms
    Subtract total EXCESS COMPENSATION of any persons earning more than
    $100,000 annually ($8,333 per month). Required support: written explanation ( )

    TOTAL of the amounts from above:


    Calculations

    TOTAL from the previous page (final box’s figure)

    NUMBER OF MONTHS in your Base Period.


    For a Base Period that is greater or less than 12 months, determine if you are
    eligible by looking at the Help tab on ppp-apply.com.
    DIVIDE - Total divided by the number of months in Base Period.
    This is your AVERAGE MONTHLY PAYROLL – input this figure on page 1 of
    your SBA Application.

    INSERT the correct multiplier for your business - typically 2.5


    (If your NAICS code begins with 72, use 3.5)

    MULTIPLY - Average Monthly Payroll x 2.5 (or 3.5)

    If applicable, ADD Economic Injury Disaster Loan (EIDL) ONLY IF made


    between January 31, 2020 and April 3, 2020
    (LOAN #: )
    Required support: EIDL loan documents showing date received

    If applicable, SUBTRACT amount of EIDL Advance received


    ( )
    TOTAL eligible maximum loan amount.
    This is your LOAN REQUEST AMOUNT – input this figure on page 1 of your
    SBA Application.

    The HELP tab on ppp-apply.com has information on the following topics:

    Information for First Draw applicants


    • How to Calculate First Draw PPP Loan Amounts and What Documentation to Provide -
    by business type (01-17-21)

    Information for Second Draw Applicants


    • Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan
    Amounts Including What Documentation to Provide (01-19-21)

    Frequently Asked Questions for Lenders and Borrowers (01-29-21)

    To determine if you are eligible to use a Base Period other than 12 months, see the following:
    First Draw (refer to 10, 11) or Second Draw (refer to 10, 11, 12)

    Biden Administration takes steps to promote equitable access to SBA relief

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