- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hmmm, my last post seems to have disappeared.
Sigh. I'm not typing all of that again.
EDIT: Oh, I found a way to retrieve it:
@2dogkayak wrote:To re-state the question, once the amount of the loan is established (1/12 of something x 2.5), how much is eligible for forgiveness? The SBA says 1/52 of annual compensation x 8 weeks.
That does not compute to the amount loaned.
That is about 75% or so of the first calculation.
Which amount can be expected to be forgiven?
First, sorry about our tangent conversation. You did great for your first question.
8 weeks of average income can be forgiven, PLUS rent, mortgage interest, utilities and debt interest during that period.
So you can get a loan for 10-ish weeks for pay, but only 8 weeks of pay can be forgiven. The other 2-ish weeks is for the qualifying rent, mortgage interest, utilities and debt interest.
@2dogkayak wrote:What kind of documentation would be required to show that the loan proceeds was spent on "owner compensation replacement? A canceled check marked "withdrawal"?
Susan posted the BRAND-NEW guidance for that above (I'll add the link below). At my first reading, just showing your 2019 Schedule C works.
