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I have a S-Corporation last year I apply for a PPP Loan and
I have a S-Corporation last year I apply for a PPP Loan and I was approved Now I summited the paperwork for the loan forgiveness. How do I report the loan if I am still waiting for the answer of the f… read more
Rama-CPA
Rama-CPA
President
Bachelor's Degree
1,535 satisfied customers
I received my ppp on 1/27/21 (so I paid myself OCReplacement
Hi FredI received my ppp on 1/27/21 (so I paid myself OCReplacement based on PPP weekly) so I reported the income in the unemployment certification for the week of 1/25 - 1/30 (unemployment used Monda… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
This question pertains to the PPP 2nd draw. Link to SBA
This question pertains to the PPP 2nd draw.Link to SBA Guidance: https://www.sba.gov/document/support-second-draw-ppp-loans-how-calculate-revenue-reduction-maximum-loan-amounts-including-whatFrom Ques… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
Definition of seasonal business for PPP by SBA] is there a
Definition of seasonal business for PPP by SBA]Hello, is there a definition we have to follow of what seasonal business is by SBA for PPP second draw? My business is pretty seasonal with ups and downs… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
We are possibly going to apply for PPP 2 loan. In 2020 our
We are possibly going to apply for PPP 2 loan . In 2020 our restaurant lost money but if we receive forgiveness on our PPP 1 loan we will be fine depending on how the loan hits the P$L Now we want to … read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
Also for the same client has received a PPP loan, i booked
Also for the same client has received a PPP loan, i booked as other income for financial statement purposes, but for tax purposes i understand it is not taxable. But my question is that in financial s… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,009 satisfied customers
I'm a sole prop for franchise that is listed on the SBA
I'm a sole prop for franchise that is listed on the SBA Franchise Directory. I have 1 1099 employee in additional to myself (I also get paid as 1099). I pay my office lease directly from my business a… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
We are working on applying for PPP loan forgiveness. For our
We are working on applying for PPP loan forgiveness. For our 8 week period we have our FTE calculation at 1.0 but need to find $25k in other applicable expenses to meet to full loan value which is pro… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
1,067 satisfied customers
Regarding PPP, I was a self employed independent contractor
Regarding PPP, I was a self employed independent contractor with no employees whose position was terminated March 2020. Received a PPP loan based on my 2019 Schedule C but uncertain how to apply initi… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
I'm urgently looking for someone to consult on getting an
I'm urgently looking for someone to consult on getting an SBA loan. I want to know if I'll be eligible for any of those loans. I'm a sole proprietor (LLC)--my main client discontinued using my service… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
I am applying for PPP loan as sole proprietor because my
I am applying for PPP loan as sole proprietor because my entity is a single member LLC. It was not formed until 1/1/2020, so I have not yet filed a schedule C for 2019 (a requirement for the PPP). I h… read more
Carter McBride
Carter McBride
LLM
8,014 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
95 satisfied customers
I have a unique question. Not yet. I am a w-2 employee at
I am a w-2 employee at one job and meet the maximum social security tax threshold (~$8500), I also have a 1099-MISC job that pays in the 6 figures. I applied for and recieved a PPP loan for my 1099 job. Do I need to issue myself a salary because technically my w2 employer pays my SS taxes or can I just declare my 1099s. The reason I ask, is I recently applied and received a PPP loan and have been wondering how to pay myself with the PPP loan… read more
Carter McBride
Carter McBride
LLM
8,014 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
LLM
8,014 satisfied customers
I got the PPP loan. My T Mobile phone services have been in
Hi, Carter, I got the PPP loan. My T Mobile phone services have been in a group plan. The group organizer pays the bills for every member of the group. Then we pay him. Can he provide the receipts to … read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
I have a single member LLC (no employees). After got PPP
Hi, Carter, I have a single member LLC (no employees). After got PPP loan, how should I spend it and book keeping? I filed schedule C in 2019 tax return.ThanksThanks.… read more
Carter McBride
Carter McBride
LLM
8,014 satisfied customers
My husband and I are self-employed. We are a sole proprietor
Hello- My husband and I are self-employed. We are a sole proprietor of Jones Art Gallery in Va Beach, VA. We work with and pay 3 independent contractors on a commission basis. We are trying to get hel… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,514 satisfied customers
With the new PPP loan I was wondering if I would qualify? We
with the new PPP loan I was wondering if I would qualify? We are seasonal in WI and my crew was laid off for the winter months and will come back to work this coming week. They were collecting unemplo… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,581 satisfied customers
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