PPP Loan Forgiveness - Shared screen with speaker view
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2 questions. Any percentage of ownership for S corp owners capped by 2019 compensation or more than 20 % ownership?
What does transportation under allowable nonpayroll costs constitute?
Anything that would normally be deducted as an expense on your tax return
To confirm, for self employed if you received the max and use 24 wk then all the loan would be forgiven vs. the 8 weeks is that correct?
You can select 24 wk covered period. Payroll is based on your 2019 comp (2.5/12).
If you are self employed do you need to show disbursement since no payroll is normally paid or is it just based on the calculation and no documentation needed?
See slide labeled "Proof of Payroll Docs for Submission to Lender EZ Application". Docs are required.
How can I print this out
The application and instructions are available at www.sba.gov/coronavirus.
My PPP was within the 8 week finalization on June 12 which was the week that State and House had voted to extend to 24 weeks upon the Presidents signature. (As a hair salon, there was no PA Gov word on return to work any time soon) Can I make a lump sum PPP payroll to employees in August and do the application for forgiveness without utilizing the Safe Harbor options?
can you advise if the advance is forgiveable?
As of today, if you received the advance it will be deducted from the forgiveness amount of the PPP loan.
Can you apply for forgiveness for the EIDL loan as well?
No, that is a loan
I would like to print the screens we've been looking at