Can an S corporation owner with a wage over $100K who has already received the PPP payment also qualify for a second PPP payment based on a Schedule C of $150K? $20,833?

Forum|Forum|6 years ago
June 10, 2020
13 replies
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Best answer by dd4vols

Right.

To continue, the S corp got a PPP for a bunch of employees plus the owner who made $200K but was limited to $100K in the calculation. No problem, so far.

The issue is the owner is also a sole proprietor with a Schedule C, line 31, of $150K.

Can this same human, S corp president and sole proprietor, get a second PPP for the maximum amount for a sole proprietor when the income amount is limited to $100K?

2 separate entities... 2 separate PPP applications in my opinion... which is just that.. my opinion. but the actual forgivable usage for the over $100k peeps is limited to the $15,385... in both entities, as i noted above.

qbteachmt

Level 15

I don't know if the actual question you have is clear, or how this relates to using ProSeries for income tax preparation and filing?

Yes, some people have multiple businesses. Yes, multiple businesses can apply. No, over $100k is not used; there are limits. Yes, you would have to Qualify. How does "$20,833" apply here?

Is what you really want to know: Can a person keep getting free money multiple ways from the public? Answer: apparently so.

Don't yell at us; we're volunteers

2

2dogkayakAuthor

Level 3

$20,833 is the maximum PPP payment ($100K/12*2.5) for a Schedule C filer.

The same taxpayer's S corporation received the equivalent same payment as a corporate filer.

This forum makes you keep sentences short so I could not explain better. The question is can one taxpayer apply for both payments.

qbteachmt

Level 15

"This forum makes you keep sentences short"

Well, you put your question as the Title, which is a limited space. Then, you left the input panel for Question Text completely blank 🙂 And this is a huge space.

There is a lot of available space, but it is for each type of input.

"The question is can one taxpayer apply for both payments."

You don't have just one taxpayer. The person you are working with is an employee of a corporation and also runs a sole proprietorship. That = 2.

Don't yell at us; we're volunteers

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