If your normal work week is 35 hours, then 35 hours is 1 full time equivalent in the simple method.
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Pamela Ayres
Chief Financial Officer
National Museum of Women in the Arts
Washington DC
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Original Message:
Sent: 01-15-2021 09:21 AM
From: Mary Schlitzer
Subject: PPP FTE loan forgiveness definition
On the SBA loan forgiveness form, the SBA defines an FTE as 40 hours or more. Our full-time staff work 35 hours per week. I've looked online to see if I should use 40 hours or 35 hours as the denominator in calculating the actual FTE. I've seen some say to use 40...others have said it doesn't matter as long as you are consistent. It does matter, however, when calculating the "simple" method. Everyone would be 0.50 FTE if I'm dividing by 40. That would be to our advantage because we had a short-term reduction in hours during the covered period. Anyone else in the same situation? How did you handle this?
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Mary SchlitzerControllerThe Morgan Library & Museum225 Madison AvenueNew York, NY 10016-3405TEL: (212) 590-0341 (direct dial)FAX: (212) 768-5641mschlitzer@themorgan.org