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PPP Loan Forgiveness App is finally out
Posted on 5/15/20 at 9:50 pm
Posted on 5/15/20 at 9:50 pm
6
Posted on 5/16/20 at 8:32 am to SLafourche07
right on
thanks!!
thanks!!
Posted on 5/16/20 at 11:30 am to SLafourche07
quote:
does not exceed eight weeks’ worth of 2019 compensation for any owner-employee or self-employed individual/general partner, capped at $15,385 per individual.
Any CPAs want to make an interpretation as to if this includes wages only or wages plus draws? As an example, s-Corp llc, where owner takes wages but also takes schedules draws.
Posted on 5/16/20 at 1:30 pm to SLafourche07
I'm a sole proprietor so my bank got me the largest loan available ($100k/12 months x 2.5 months) = $20,833.
But I can only pay myself $100k/52 weeks x 8 weeks = $15,385.
$15,385/20,833 = 73.85%. It sounds like the rule requires that 75% be used for payroll - but since I'm prohibited from paying myself 75% of the loan, might I have to pay back the whole thing?
But I can only pay myself $100k/52 weeks x 8 weeks = $15,385.
$15,385/20,833 = 73.85%. It sounds like the rule requires that 75% be used for payroll - but since I'm prohibited from paying myself 75% of the loan, might I have to pay back the whole thing?
Posted on 5/16/20 at 3:47 pm to SLafourche07
Wait in order for it to be forgiven we have to fill this out and send it in?
Posted on 5/16/20 at 6:45 pm to SLafourche07
quote:Wonder how many times this will be modified/amended in the next 6 weeks. (The PPP FAQs seem to change weekly).
PDF Link
.
.
Eta: Found the answer to my question.
This post was edited on 5/17/20 at 11:23 am
Posted on 5/18/20 at 3:39 pm to SLafourche07
Have a question about the Alternative Payroll Period. As a employer with a biweekly payroll, it appears we have 2 choices. Use the 8 week period from the 1st day of disbursement, or use the 8 week period on the first day of the 1st payroll period following disbursement.
I rec'd my funds in the beginning of a payroll cycle on 4/15. That payroll cycles ran from 4/12 - 4/25. The next payroll cycle was 4/26 - 5/09.
If I am reading this right, I get to choose which cycle I want between 4/12 - 6/06, or 4/26 - 6/20.
I rec'd my funds in the beginning of a payroll cycle on 4/15. That payroll cycles ran from 4/12 - 4/25. The next payroll cycle was 4/26 - 5/09.
If I am reading this right, I get to choose which cycle I want between 4/12 - 6/06, or 4/26 - 6/20.
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