fte calculation worksheet

We’ll break down FTEs and help you understand what that means for your PPP loan. Message frequency varies, but you may receive up to one message per week during Open Enrollment. Once a loan is secured, the next step for many of them will be to determine how to qualify for loan forgiveness. Thus the sum of weekly hours worked by all part-time employees is 10 X 20 = 200. Message and data rates may apply.

A federal government website managed and paid for by the U.S. Centers for Medicare & Medicaid Services. Add this number to the number of full-time employees you have, and you’re set! 16 hours a week would be 0.4 FTE (16 divided by 40)). Business owners must prove that they maintained the same number of FTEs during the 24-week period to receive full loan forgiveness. Using the frozen data, calculate the FTE by employee using the Simplified method by writing a formula of counting each employee working 40 hours or more as 1.0 and those working less than 40 hours as 0.5. Two options of calculating the number of FTEs are provided:  (1) calculating based on actual hours worked or (2) simplified approach of using an FTE of 1.0 for employees working 40 hours or more and 0.5 for employees working less than 40 hours in a week. Add those numbers together. This ratio is referred to as the FTE reduction quotient. Round the decimal down to the nearest whole number. Additional note: There are some questions around what to do if an employee wasn’t employed by the company for the full time period between Feb 15, 2019  – June 30, 2019 or the full time period between Jan 1, 2020 – Feb 29, 2020. Ste. This allows the covered period FTE count to be measured at 12/31/20 and compared to the base FTE count of the pay period that includes 02/15/20. The FTE reduction quotient is multiplied by the total PPP loan amount to arrive at your maximum forgiveness amount. If your business meets the pay or play penalty then you will want to plan a way to provide benefits to your employees.

No long-term contracts, no base fees, and it’s free for freelancers! The Government Accountability Office defines an FTE  as “The total number of regular straight-time hours (i.e. Next, divide 250 by 30 and you’ll get 8.3. Just multiply the number of full-time employees who work 40 hours a week by 1. Is my FTE calculation based on all payroll periods included in eligible payroll costs? 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. EddyHR is the all-in-one HR tool built with you in mind.

Reminder:  The CP or APCP can be any amount of weeks between eight and 24 weeks, but must end no later than December 31, 2020. Now dividing it by 30 you get 6.66. The FTE Calculator was designed to help determine if your company falls under the 50+ employer. In this post, we’ll show you exactly how to calculate the number of full-time equivalents you have on your team. Baseline reference period to determine whether FTE penalties apply. When the Small Business Administration announced the launch of the Paycheck Protection Program in response to the coronavirus, the biggest draw for small businesses? Using the frozen data, calculate the FTE by employee using the. If you did, then this safe harbor may apply to you. The people that help you help your people. No matter the case, if you need to learn how to calculate FTEs, we’ve got you covered. We’ll use 1.5 FTE as our answer. Later on, additional exemptions were added resulting in the following exemptions: If you have any former or current employees meeting one of these criteria, you may have an exemption to include for your average FTE calculation. Loan forgiveness will not be reduced if the borrower can show documentation for one of the following: If you have questions or concerns about how this will affect you and your situation, then you should consult with your tax adviser. At Biz2Credit we are constantly looking for talented, enthusiastic, and self-motivated people to join our team. However, when calculating other government-enforced programs (like the number of FTEs on staff when an employer is mandated to provide health benefits) the 30-hour week has been used to indicate full-time employment. One of the key features of these loans is that they’re forgivable if certain guidelines are followed.
Next, add your full-time employee count (which is 20) with 8, and you’ll have an FTE number of 28. We’re not the only people who talk about us. To get your total FTE you just have to multiply 10 by 25, which is 250. If you have questions, please contact a member of GBQ’s SBA team – Rebekah Smith, Dustin Minton, or Jeremy Bronson.

Create a summary tab showing all time periods needed to be calculated: Separate “Actual” from “Simplified”. Next, write down the average amount of hours your part-time employees work each week. The employer could not restore business to a comparable level of activity because of social distancing or other Federal health guidance. If you have determined that the FTE reduction penalty applies to you because you have done the above analysis, or you suspect that it does because of reduced operations, then you can assess whether one of the safe harbors apply to you. It may even help to write the name of each part-time worker if you don’t have too many. Text HELP for help. Bend, Oregon 97702 Hillsboro, Oregon 97124 Required fields are marked *, Business Math: How to Calculate a Pay Cut by Percentage, Business Math Series: Probability of a White Christmas. The Alternative Covered period can be helpful when you increased your FTEs over the forgiveness period as the APCP can allow for a later payroll to be included than would be included in the Covered Period. Watch a short demo to get a feel for Eddy’s all-in-one HR software. Calculating FTE is pretty simple, and most payroll providers provide PPP loan support. The forgiveness application also implements an FTE Reduction Safe Harbor. Taking the example above, 100/30 is 3.3. In order for PPP loan proceeds to qualify for forgiveness, business owners must meet the following conditions: While determining the non-payroll cost requirements is fairly straightforward, calculating loan eligibility for full-time equivalent employees is a bit more involved. Compare your options for offering HRAs or group coverage. For an entire breakdown of those guidelines, you can. If your average FTE for the current period is greater than the FTEs as of February 15, 2020, no penalty applies and you passed the safe harbor test. Employees who work more than 40 hours a week count as one FTE. Tip:  An FTE ratio of less than one can be “overcome” if the amount of spending is greater than the loan amount by more than the reduction. Please note that those who applied for a PPP loan have a simpler process. If your business received a Paycheck Protection Payment loan, you’ll need to calculate the loan forgiveness amount you’re eligible for. To make this even easier, we invite you to grab a pen or pencil, pull out a piece of paper, and follow along as we show you how to calculate the FTE for your part-time workers.
To calculate the FTE number, Lucky Lanes first needs add the average number of hours worked for all 10 part-time employees: 20+20+20+20+20+15+15+15+15+15 = 175 hours. One of the key features of these loans is that they’re forgivable if certain guidelines are followed. So as you can see the FTE calculation can be quite cumbersome and confusing and there are a lot of considerations to evaluate from time periods to use and applicability of safe harbor tests. Please remember this is not based on FTEs; rather, this is based on the definition used by the Small Business Administration (SBA) and counts each employee as one. Step 3: Now that you’ve calculated the average number of hours for all your part-time workers, add them all together. The Cost worksheet tables allow you to modify costs as they change without modifying any cost formulas in the Workload/FTE … Hours paid each week / 40 = FTE The Treasury defines a full-time employee as an employee who works 40 or more hours per week, so FTE is calculated on a scale of 1.0, with 1.0 being the equivalent of 40 hours per week. Director, Restaurant Services. Your email address will not be published. Lucky Lanes also has 10 part-time employees. Final note: EddyHR is not a law firm, and the contents of this article should not be considered as legal advice. The next step is determining which calculation option is best for you – Actual or Simplified. The next step is comparing your average FTE as of the earlier of the date the loan forgiveness application is submitted or December 31, 2020 to the FTE count as of February 15, 2020. Director, Assurance & Business Advisory Services, Director of Forensic & Dispute Advisory Services, Director, Accounting & Business Advisory Services, © 2020 GBQ Partners LLC All Rights Reserved. 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. According to the U.S. Treasury Department, a full-time equivalent employee is any employee who works 40 hours a week or more. 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). Step 5: It’s likely that your result from step 4 will contain a decimal. Add their average numbers together. This was a recent change announced. If this information has stayed the same since January 1, 2014 then your company will not fall under the large employer in regards to the Health Insurance Exchange. Product seems cool, but who are these people? Now take your current FTE number and divide it by the FTE number from time period A or B (you may also try it with both time periods, and you can choose to select whatever result is largest). Article written by: If you have further questions about qualifying for loan forgiveness or about PPP loans, we advise you to speak with your lender, an SBA representative, or a lawyer. Eugene 260 Country Club Rd. Here’s everything you need to know about how to calculate full-time employees for PPP loan forgiveness: Before we jump into loan forgiveness calculations, let’s review the requirements for Paycheck Protection Loan forgiveness.

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