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Regarding the ppp 2nd draw. If 1 person s-Corp received $20k
Regarding the ppp 2nd draw. If 1 person s-Corp received $20k in ppp funds and paid out 10,000 per quarter in payroll would that qualify for the $7000 (70%) per quarter ERTC? Or do you have to use non … read more
ABC Accounting Group
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I have a S Corp and got PPP round 1 loan. To be compliant with PPP as a self-employed with no payroll, what forms should I file for payroll so I will be in compliance with PPP and not have a personal … read more
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Since ppp loans are not taxable when it has been used for
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hello, if I pay for this service, will I be able to have a CPA look at my SCORP tax return and answer some questions about it?… read more
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This question is regarding PPP loan forgiveness. We received
Hello. This question is regarding PPP loan forgiveness. We received a PPP loan in the amount of $250,000 on 04/16/20. Our first payday after receiving the loan was 04/17/20. We pay two weeks behind so… read more
Rama-CPA
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This question is regarding PPP loan forgiveness. We received
Second Opinion] Hello. This question is regarding PPP loan forgiveness. We received a PPP loan in the amount of $250,000 on 04/16/20. Our first payday after receiving the loan was 04/17/20. We pay two… read more
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If PPP loan forgiveness has not been approved by the end of
If PPP loan forgiveness has not been approved by the end of the year, will it stay in the liabilities on the balance sheet? Or should it reduce the payroll cost for bookkeeping purposes?… read more
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PPP Question. The PPP distribution was received and I setup
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Need an opinion re PPP loan. Client has $100,000 annual
Need an opinion re PPP loan. Client has $100,000 annual gross payroll. He receives $30,000 PPP loan, which he easily spends and now qualifies for 100% forgiveness. When the loan was received, we CR PP… read more
JeffS6413
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PPP loan forgiveness] I am a solo s-corp owner/employee in
PPP loan forgiveness]Hello,I am a solo s-corp owner/employee in NY. I received PPP 10 days ago and am trying to learn about how to spend it.Let's say I received $10,000 for PPP loan to make it easier.… read more
DK_CPA
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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
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I'm curious on accounting for PPP funds. Our loan will be
I'm curious on accounting for PPP funds. Our loan will be 100% forgiven due to payroll over 24 weeks far exceeding the loan amount. Since it is not repaid, does this essentially look like owner capita… read more
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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
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I have been approved and accepted a PPP loan for my small
I have been approved and accepted a PPP loan for my small business. I have an LLC and I am the only employee. I do my irs return and do a schedule c for the company. No other employees other than some… read more
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I have a question related to a PPP loan. I applied for my
I have a question related to a PPP loan. I applied for my real estate business for a ppp loan. Of which I was awarded a sum. I put on my application that I have 2 total employees. Myself and my daught… read more
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My company received loan from SBA for the PPP. How to record
My company received loan from SBA for the PPP. How to record this loan money in the books? What is the financial accounting treatment?… read more
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When using the PPP loan for payroll is the amount of payroll
when using the PPP loan for payroll is the amount of payroll lets say $10,000...Is that an expense on the P& L there for a deduction?I realize the loan payment is not an expense or deductable when I p… read more
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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
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