fish19835
Level 1
04-09-2020
01:43 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
can a partners net income form schedule K-1 count as income for the PPP Loan
Employee
04-09-2020
03:16 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
There are still many questions to be answered about PPP's. One of the questions sent to SBA is whether guaranteed payments to partners will qualify as payroll compensation- not sure yet. It would be unlikely the net income from the K-1 would be included as compensation, but we don't know. Since there are limited funds available, it doesn't hurt to apply now, and work out the details in underwriting.
abctax55
Level 15
04-09-2020
03:18 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
PPP is a LOAN, with a potential forgiveness component. It is not a grant. There IS a difference.
HumanKind... Be Both