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Our company received a PPP loan. Salaries eligible for
Our company received a PPP loan. Salaries eligible for reimbursement from the loan are capped at $100,000 annually. Question: is that a per payroll amount or a bulk amount? So, for 24 weeks, the total… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
5,960 satisfied customers
I received my PPP loan funds on 5/7/2020. My initial 8 week
I received my PPP loan funds on 5/7/2020. My initial 8 week covered period will expire on 7/1/2020. Do I qualify for the 24 week covered period or were my funds received too early to qualify?… read more
JohnM528
JohnM528
CPA
Masters of Accountancy
84 satisfied customers
We received our PPP April 20. We have not used 75% of our
We received our PPP April 20. We have not used 75% of our funds by 8 weeks because we thought we now had 24 weeks. But why does the internet say of you had one of the original loans back then you have… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
5,960 satisfied customers
Lev, With the changes to the PPP loan signed into law on
Lev, With the changes to the PPP loan signed into law on 6/5/2020, can you answer the following: Over 24 weeks, the business I own, which is an 'S' Corp will pay 5-6 months rent as opposed to 2 months… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
Under the new PPP rules, does the 24 week extension allow
Under the new PPP rules, does the 24 week extension allow the loan recipient to pay more than 2 months rent, utilities, health insurance premiums & payroll & have the additional amounts forgiven?… read more
ALEX O
ALEX O
Partner O & G Tax
Master's Degree
2,374 satisfied customers
I received a PPP loan as a sole proprietor with no
I received a PPP loan as a sole proprietor with no employees. Can I also apply for PUA unemployment in NV? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,260 satisfied customers
This question is regarding the PPP loan and its forgiveness
Hello. This question is regarding the PPP loan and its forgiveness parameters. For the payroll portion; does it apply to pay dates or pay periods? For example, we received the loan on 04/16 and we had… read more
jennifer jackson
jennifer jackson
CPA
BS
503 satisfied customers
A company receives the PPP loan on 5/15/2020. It will be
A company receives the PPP loan on 5/15/2020. It will be putting its employees back on payroll effective that day. Most of its employees are hourly & averaged 10 hours of overtime in 2019, in addition… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
5,960 satisfied customers
Looking for guidance and what payroll is covered by SBA PPP.
Hello, Looking for guidance and what payroll is covered by SBA PPP. Is the measurement, no greater payment than $1923.08 per week ($100,000 divided by 52 weeks). If an employee earns more than $100,00… read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
259 satisfied customers
A business receives a PPP loan. It estimates that 88% of the
A business receives a PPP loan. It estimates that 88% of the loan will be spent on payroll during the 8 week period from the date of its receipt & 14% on non-payroll expenses. Please note the 86% is b… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,112 satisfied customers
When PPP funds usage, in regards to the amount forgivable.
When PPP funds usage, in regards ***** ***** amount forgivable. Can you payout vacation pay and have that plus the payroll forgiven. Example, if an employee makes exactly $100,000 per year which is th… read more
jennifer jackson
jennifer jackson
CPA
BS
503 satisfied customers
I asked you a question yesterday regarding PPP loan
Hello. I asked you a question yesterday regarding PPP loan forgiveness. I have a follow up question regarding the same subject. If the company payroll schedule is structured in a way where more than 8… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,366 satisfied customers
I see My ppp loan can pay 8/52 of annual profit for my
Dear Carter I see My ppp loan can pay 8/52 of annual profit for my compensation. But it is 74.15% of the total loan that does not meet 75% loan to payroll. Will that still be forgiven ? Or I need to p… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
5,960 satisfied customers
I own a restaurant. I applied for PPP loan. My average
I own a restaurant. I applied for PPP loan. My average monthly payroll is 12838.80 provided my 2.5 monthly $32,097. In the form I applied for , there was a line that has to do with EIDL loan. At the t… read more
Rick
Rick
MBA
3,331 satisfied customers
We wanted to reach out regarding the PPP loan program to see
We wanted to reach out regarding the PPP loan program to see when an accountant is available to discuss. We have been granted a promissory note and the lender is ready to fund, but I want to speak wit… read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
5,960 satisfied customers
I am trying to understand how I can use the PPP funds so
I am trying to understand how I can use the PPP funds so that the loan is forgivable … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
LLM
5,960 satisfied customers
Can an individual, a CPA sole proprietor, who has no
Can an individual, a CPA sole proprietor, who has no employees and reports income on a schedule C file for a loan under the Paycheck Protection Program. If so, would the average monthly payroll, under… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
7,719 satisfied customers
Lane. For Taxpayer who is 100% owner of LLC (files business
Hello Lane. For Taxpayer who is 100% owner of LLC (files business schedule C), what would be considered average monthly payroll to be entered on PPP Application form? Would it be his net income for th… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,096 satisfied customers
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