Partnership guaranteed payments - PPP loan

Forum|Forum|6 years ago
May 13, 2020
4 replies
27 views

Partnership with members were approved for PPP loan. Are they allowed to use a portion of these funds for guaranteed payments?

ProSeries Basic

This topic has been closed for replies.

Best answer by pacoford

Thank you!!! Yes, bankers in our community seem to be clueless!!! They just know how to fill out the paperwork unfortunately.

IRonMaN

Level 15

They should ask the one person who has all of the answers - their banker.

Slava Ukraini!

dd4vols

Intuit Community Champion

Yes... the amounts that are used for the PPP 'payroll costs' for the lending institutions around here is line 14a of the individual's K'1s. That divided by 12, should get you the avg monthly 'payroll cost' (draw) for each partner. I recommend writing a partner gtd pmt once each month for that avg monthly 'payroll cost' for the partner. Because most bankers are clueless on how partner's incomes/earnings are calculated.

If an answer solves your issue, click on the "Mark as Best Answer" button! Makes it easier for people to find answers to similar questions that have already been posted.

IRonMaN

Level 15

Come on, bankers know everything, that’s why they are dragging all of their clients down to the bank to sign them up for all of that free money.

Slava Ukraini!

Sign up

Login with SSO

Let's get you signed in

Login with SSO