There are multiple moving parts to applying online for a PPP loan. First, you have to determine if you meet the 25% revenue reduction requirement. Then, you must accurately calculate your loan amount using 2.5x your average monthly payroll (3.5x if you are in an industry with a NAICS code that starts with 72). Get started tackling these moving parts using our PPP loan calculator.
Our “ultimate” Paycheck Protection Program (PPP) calculator makes these calculations easy. Download the calculator and easily apply for a first or second PPP loan.
How to use the PPP loan calculator
This PPP loan calculator guides you through the calculations necessary to determine if you meet the 25% revenue reduction eligibility requirement (if this is your second PPP loan) and what loan amount you should apply for.
We highly recommend working through both calculations and gathering the required documentation before you begin the process of applying. PPP is a “borrower certified” program meaning that you, as the applicant, are responsible for calculating the correct loan amount and revenue reduction calculation before we verify these items in our underwriting process.
There are some other tools you may find helpful as you’re working on your PPP loan application. Be sure to review our step-by-step guides for calculating your PPP loan amount and calculating the required 25% revenue drop for second-time PPP borrowers.
Let’s get started!
Step 1: Industry qualification tab
- First, select whether this is your first PPP loan or second PPP loan.
- Then, review the industries to see if you qualify for a larger loan amount. If this is your second PPP loan and you are in a food services or accommodations industry that has a NAICS code beginning in 72, you qualify to apply for 3.5x your average monthly payroll, rather than the standard 2.5x.
Step 2: Determine if you qualify as a seasonal business
Seasonal businesses qualify to use a unique calculation that takes into account the fact that the business is only open for a few months out of the year.
If you would like to use the seasonal business calculation, you’ll input your business’s monthly revenues for the preceding year. The calculator will let you know if you qualify as a seasonal business.
Step 3: Calculate your PPP loan amount
- First, choose the calculation method you’ll use – calendar year 2020, calendar year 2019, or the calculation for seasonal business. If in doubt, choose to calculate using calendar year 2019, as this is the most common option for businesses.
- Next, review the list of payroll costs and input your business’s figures. You can review our “How to calculate your PPP loan amount” guide for additional information.
- The PPP calculator will automatically determine your maximum loan amount based on what you input. If you’re applying with Pursuit, enter the loan amount you are requesting in the last green box.
Step 4: Calculate the required revenue drop for PPP
If you’re applying for your second PPP loan, you’ll need to prove that your business experienced a 25% decrease or more in revenue for a quarter in 2020 compared to the same quarter in 2019. The calculator takes into account if your business was recently launched.
Simply fill in the chart with your quarterly revenues for 2019 and 2020. You can also use annual revenues if you believe that might meet the 25% reduction requirement. The calculator will automatically determine if you meet the revenue drop requirement based on SBA regulations.
Step 5: Apply for your PPP loan
When you’ve completed your loan calculator and are ready to apply online for PPP, visit our PPP Application Information Hub and get started. Our easy-to-use digital application will ask you to input many of the figures you calculated using the PPP loan calculator.
We look forward to working with you!