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Borrowers seeking forgiveness must document their average number of FTE employees during the covered period (or the alternative payroll covered period) and their selected reference period. For purposes of this calculation, borrowers must divide the average number of hours paid for each employee per week by 40. An employee that works 40 hours a week is counted as 1 FTE, for example.
The FTE is capped at 1, so an employee who was paid 48 hours per week, for example, is considered to be an FTE employee of 1.0.
For employees who were paid for less than 40 hours per week, borrowers may choose to calculate the full-time equivalency in one of two ways:
First, the borrower may calculate the average number of hours a part-time employee was paid per week during the covered period. For example, if an employee was paid for 30 hours per week on average during the covered period, the employee could be considered to be an FTE employee of 0.75.
Second, for administrative convenience, for borrowers who do not maintain hours-worked data may elect to use a full-time equivalency of 0.5 for each part-time employee
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