•  Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee)
• Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit
• State and local taxes assessed on compensation; and
• For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

The loan forgiveness amount is subject to reduction by multiplying it by the following fraction:

• The numerator of which is the average number of FTE employees per month employed by the borrower during the covered period
• The denominator of which is, at the election of the borrower, either:
  • The average number of FTE employees per month employed by the borrower during the period beginning Feb. 15, 2019, and ending June 30, 2019
  • The average number of FTE employees per month employed by the borrower during the period beginning Jan. 1, 2020, and ending Feb. 29, 2020
  • For seasonal employers, as determined by SBA, the denominator is the period beginning Feb. 15, 2019, and ending June 30, 2020.

I do not believe there is guidance yet on exactly what the SBA will require. It is clear that they will be looking at the number of FTE, however, it is not specific on if individual names will be required. Most of our clients have had success using the Check Register AQ to pull the data needed to apply, which breaks down by individual check/employee. This can also be totaled by exporting the information to Excel if needed.