Today is the first day small businesses may apply for loans under the Paycheck Protection Program (PPP). While there is still a lot we don’t know about the PPP application process, we’re starting to get more information about the loans themselves – including how much money businesses might qualify for.
The basic calculation for a business’s loan amount sounds simple: 2.5x your monthly average payroll. However, there are some important caveats to that equation, including caps on individual salaries. These can quickly add complexity to the process of figuring out your loan application.
That’s why we’ve built a tool to help.
Pilot’s PPP Loan Estimation Calculator can use your payroll reports to estimate the loan amount you might be eligible for. Just answer a few questions, follow our instructions to pull a report from your payroll provider, upload it into the calculator, and you’re done.
It’s important to note that our estimates are just that – an estimate. We’re not lenders, and there’s no guarantee you’ll receive a loan of this amount. The calculator also only works with certain payroll providers, although we’re working to add more soon.