PPP ISSUES

[mplemercpa]

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

[lfallin]

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.

[User FIDO 61]

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

[karlabartlette]

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

[daniellecohen]

thank you for sharing-- godsend!!

[User FIDO 61]

Every day there's always something else