You may have questions about the calculation of the payroll data in your PPP application package. Please review these FAQs as they will assist you with understanding the calculation of the data and what to include in your bank application.
Data included is the data that is in our ProService system and includes:
Federal taxes are not allowed to be included – this includes payroll and income taxes. Premiums for insurances that are wage related such as workers’ compensation, temporary disability insurance and employment practices liability insurance are not included. 1099 and independent contractors were also not included. Employer retirement contributions are not included. SUTA taxes were not included as guidance on including it had been unclear. SUTA is a very small part of the total and the data provided is meant to be an estimate. This will not prevent your loan from being approved based on the data submitted, nor will it limit your ability to cover your payroll costs. Remember, the loan amount is payroll costs for 8 weeks plus an “extra” amount equal to 25%.
With varying methodologies, there isn’t any one perfect method. We have agreed on a method with American Savings Bank, First Hawaiian Bank, Bank of Hawaii, and Central Pacific Bank. Everything you need to apply is in your packet. Please send all packet documents.
The data included is correct and the methodology was validated by the four largest Hawaii banks. Please include all of the items in your packet when you submit to your bank.
The 2.5 times the monthly average was created for a reason, to smooth out data bumps and account for various methodologies. This is why the loan is for 2.5 times a month's worth of payroll yet is to be used over 8 weeks. Guidance on the PPP loans and application has been changing constantly. For example, the interest rate was 4%, then .5%, and on the afternoon of 4/2/2019 it changed to 1%. The data we provided to you was validated and agreed upon regardless of any additional changes to the loan process.
Everything that you need to apply is in the packet that ProService created. Please send all of the documents to your lender.
You may make edits to the job count. This is the job count in our system and you may adjust as you see necessary to include owners or others that are not accounted for in our system.
Please feel free to make edits to the data.This is the data that is from our system. The banks advised that 1099 contractors were not to be included, however there is some information out there that says they can be. If you wish to include them, you may add that information to the data set that we provided. Our system also does not include owners or others that receive draws or disbursements from the company. If you wish to include them, you may add their information to the data.