FirstBank PPP Loan Calculator

FirstBank PPP Loan Calculator

Thank you for applying for a FirstBank Payment Protection Program (PPP) loan. We are pleased to be of service to you and have provided the following information and instructions to assist you in the completion of your application. If you have any additional questions regarding the application process, please contact the FirstBank loan officer working on your request.

Maximum Loan Amount Calculation

The Paycheck Protection Program determines the maximum size of the loan as the lesser of a) $10,000,000 or b) 2.5x the sum of your average monthly payroll costs. The average payroll costs are determined over specific time frames based on specific characteristics of your business. Please select the appropriate calculation period below and summarize your calculations below to determine your loan size. It is important to note that any compensation above $100,000 annually may not be included in this calculation, payments to employees whose primary place of residence is outside of the US, and any costs eligible for relief through other Federal coronavirus relief programs are not eligible and should be deducted.

12-month period preceding the loan application - Standard period 2/15/2019 - 6/30/2019 - Must demonstrate seasonality 1/1/2020 - 2/29/2020 - Company was not in operation prior to 6/30/2019

1.0 Must input number of months in period selected

Gross Payroll Costs Over Applicable Period:

Salary, wages, & commissions Payments of cash tips or equivalent Payments for paid time off (vacation, sick, family) Allowance for dismissal or separation Payments for group health benefits Payment of retirement benefits Payment of State or local tax on compensation of employees

Total Eligible Payroll Costs*

Amount

Documentation Used

$ 0.00

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Less the Following Offsets Incurred Over Applicable Period: Any compensation above $100,000 to a single employee (prorated for calculation period) Compensation to an employee who's principal place of residence is outside of the US Federal employment taxes imposed or withheld between 2/15/2020 and 6/30/2020 including employee's and employer's share of FICA

Sick leave or family leave already covered under the Families First Coronavirus Response Act (Sections 7001 and 7003)

Total Ineligible Offsets Net Annual Payroll Costs (Gross Costs Less Offsets)

Net Annual Eligible Payroll Costs Divided by Number of Months in Period

Amount

$ 0.00 $ 0.00 $ 0.00

Documentation Used

Monthly Net Eligible Payroll Costs x 2.5 PLUS outstanding balance of SBA Disaster loan which is eligible to be refinanced under this program

Calculated Loan Amount

Maximum Loan Amount (lesser of $10,000,000 or 2.5 Monthly Net Eligible Payroll Costs)

$ 0.00

$ 0.00

$ 0.00

*For self-employed borrowers the total payroll costs is equal to the sum of compensation to the sole proprietor or independent contractor in the form of a wage or commission, and net income from self-employment. The sum of these figures may not exceed $100,000.

Loan Forgiveness Calculation

Loans under the Paycheck Protection Program are eligible for forgiveness equal to the amount the borrower spent on the following items over the 8-week period following the loan date:

? Payroll costs including tipped employees ? Interest on mortgage obligations of the business ? Rent on leasing agreements ? Payment on utilities (electricity, gas, water, transportation, telephone, or internet)

The amount of forgiveness of the loan is reduced if there is a reduction in a) employee workforce or b) reduction of salary of employees by more than 25%. The amount of the estimated reduction in salaries is determined as follows:

Reason for Reduction in Loan Forgiveness

Estimated Loan Forgiveness

If the average monthly full-time equivalent number of Forgiveness is reduced by a percentage equal to 100%

employees during the 8-week period from the date of minus the average monthly full-time equivalent

the loan is less than the average monthly full-time

employees of the borrower during the 8-week period

number of employees during, at the borrower's election, divided by the number of average monthly full-time

(i) February 15, 2019 to June 30, 2019, or (ii) January 1, employees (i) or (ii) as applicable.

2020 to February 29, 2020

It should be noted that there are alternative calculations

for seasonal companies.

If the borrower reduces total salary or wages of any Forgiveness is reduced by the amount of the salary

employee, who was employed during any period of

reduction in excess of 25% for employees with annualized

2019 and had annualized salary of $100,000, by more salary during 2019 of less than $100,000.

than 25%

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