mplemercpa
Level 1
‎04-09-2020 12:11 PM

My assumption on the PPP program has been that payroll costs are gross wages (941) or net income subject to S/S taxes (Sch C). I also would assume that Partner's guaranteed payments shown on their K-1 qualifies as self employment income, too. But I have also heard that some think Sch E, K -1 income from partnerships,  S corp and/or rental income also qualifies under PPP have you heard anything  to support that position?

Michael Plemer

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lfallin
Level 3
‎04-09-2020 12:15 PM

We have had clients ask for copies of their Distributions taken to provide as income from their S Corps for the PPP. But don't know for fact how they are doing any of this.

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User FIDO 61
Level 8
‎04-09-2020 12:31 PM

Participating banks still accepting applicants tweak application requirements in real time it seems.

UBSPPPCapture.PNG

For summary of other Relief programs (updated as of April 5) here is a PDF link 

AICPA COVID-19 Resource Center with PPP guidance

TaxSpeaker.com Newsletter Archive for deeper dives into CARES Act & PPP

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karlabartlette
Level 1
‎04-09-2020 12:38 PM

Wanted to share a great resource for applying to the PPP. Guides you through the whole thing and makes sure you're connected w/ a bank that can service you quickly: ppp.glossgenius.com 

They will accept 1099s or 1040 Schedule C to prove income for sole proprietors

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daniellecohen
Level 1
‎04-09-2020 04:48 PM

thank you for sharing-- godsend!!

User FIDO 61
Level 8
‎04-09-2020 10:00 PM

Every day there's always something else 

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