The American Institute of Certified Public Accountants (AICPA) released its PPP forgiveness calculator based on its interpretation of the SBA Form 3508 which contains steps for borrowers to adjust their PPP loan forgiveness if certain full-time equivalent (FTE) or salary or wage requirements are not met. There is also an SBA Form 3508EZ for borrowers that do qualify for full forgiveness and do not need to apply FTE or salary/wage reductions to their calculations.
The SBA guidance is ever-evolving. Be sure to check future blog posts for further updates. As always, we are with you every step of the way.