Do I need to deduct the federal withholding from my salary for PPP purposes

[Just-Lisa-Now- · Accepted solution]

You'll want to ask your lender how to properly complete the paperwork

https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

[abctax55]

O.M.G...

It's going to be a long couple of weeks.

[Just-Lisa-Now-]

This is a new type of loan that didnt even exist before this whole COVID19 thing started, even the lenders are in uncharted territory...I will not be completing any applications for people, I can help get docs together that the lender requests, but thats the extent of my abilities here.

[abctax55]

I don't think the OP is asking on behalf of his "people". 😉  

[TaxGuyBill]

I just took a CPE course, and the presenter said that even though they were supposed to start the PPP loans today, the lenders didn't actually get any guidance until late last night, so they are scrambling.

Here is a link for that new PPP guidance:

https://content.sba.gov/sites/default/files/2020-04/PPP--IFRN%20FINAL.pdf

[Just-Lisa-Now-]

I saw someone in another group say B of A was processing them as of this morning, but only for current customers.

[TaxGuyBill]

The presenter said she got an email this morning from one of the mega-banks that said they won't be doing anything until Monday.  I suspect that many banks will be waiting a few days until they can figure things out.

[qbteachmt]

I have a client that did the paperwork yesterday, and the bank followed up with the New Form today, so he is starting all over today.