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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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.
Participating banks still accepting applicants tweak application requirements in real time it seems.
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
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
thank you for sharing-- godsend!!
Every day there's always something else
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