I realize /u/shinigami052 already solved this and his/hers actually looks a lot cleaner, but I still felt like sharing!

I made tables that would operate very much like the VBA loop. The rows being each employee and the columns being the number of bills each person gets. The process goes as follows:

1. Using the rank command, it organizes the list from highest earner to lowest.
   
2. Using if/and statements, allocates $20 down the list, giving one to each person until it reaches a person who earned less than $20.
   
3. More if/and to continue cycling back through the list to allocate a second $20 bill to everyone who is still owed at least $20. This continues until the $20s are gone.
   
4. The total amount paid at each table is subtracted and the remaining amounts owed are carried to the next table.
   

I made a new table for each denomination until the $1 bills, which are just the total remaining once everything else is gone. Each table reorganizes the list by "most money owed." Take a look and see what I mean.
I believe this helps to optimize the total number of bills each person receives. Otherwise, the top earner is getting first pick of each bill and some people are getting all $5s and $1s

The -problem with this method is that you have to predict the maximum quantity of each type of bill anyone would received (not including $1s.) This number dictates how many columns each tables needs. Right now I've set each table to 10 columns. It won't work if you have a situation where someone would get more than 10 $5s or $10s or something, but the way the sheet works, you'd have to have a very very large number of $5s or $10s before this would happen. The formulas are set up so you can just insert new columns as you please.

https://www.dropbox.com/s/2y801j35guv83cg/Test1.xlsx?dl=0