Dear Brian, this is a problem that most firms will have. This is the best way to solve it:

1. Define the number of hours a FTE works per week. I recommend 30 to 40. Let’s assume you pick 40 hours.
2. For 2019, if you are trying to chose a period between Feb 15 and June 30, start using the payroll period that started February 10th. Disregard the fact that such period is 5 days earlier or when the employee got the paycheck.
3. You will have then a period of 20 weeks (from February 10th to June 30th). Download that payroll report and look up the total number of hours worked during those 20 weeks. Imagine that the number is 8,000 hours. Calculate the number of FTEE as follows:

Total number of hours worked (Feb 10-Jun 30)=8,000

Number of weeks in period: 20

Average # of hours per week: 400 (8,000/20)

# of hours per week per FTE: 40

# of FTE: 10 (400/40).

Do the same thing to calculate the 8 weeks after the loan was disbursed. Start counting on the date closer to that day (February 10th was closer to February 15th that February 23rd is).

Hope this helps.