The-Tax-Lady
Level 9
04-14-2020
11:34 AM
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The PPP loans are for maintaining Payroll, Rent or Mtg. payments & utilities, and when used for those purposes, in the 8 weeks following the distribution of the PPP loan, that amount is subject to the forgiveness, provided you submit the authentication documents required by the lender. It's not guaranteed. If you have no employees, the forgiveness amount, if you were approved, would be limited.
Schedule C, Line 31, Net Profit or Loss is not a number used for calculation on the PPP.