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fish19835
Level 1
April 9, 2020

ppp grant

  • April 9, 2020
  • 2 replies
  • 0 views

can a partners net income form schedule K-1 count as income for the PPP Loan

    This topic has been closed for replies.

    2 replies

    IntuitJim
    IntuitJim
    Level 5
    April 9, 2020

    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
    abctax55
    Level 15
    April 9, 2020

    PPP is a LOAN, with a potential forgiveness component.  It is not a grant.  There IS a difference.

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