DISCLAIMER: Always check with your legal or accounting advisor for a final determination on any of these questions/issues.
As of June 2nd, 2020, there were still $120 billion remaining for PPP loans. Some banks are still accepting applications.
Call your bank and/or check your bank's website and online portal to verify whether they are accepting applications at this time.
Check with smaller banks and credit unions in your area. There are also online brokers, like Quickbooks, Paypal, and kabbage.com, that people have used successfully to apply
Yes, absolutely! This is the question we have received most often. To qualify, you have had to show a profit in 2019 and be able to upload as part of the application process a copy of your 2019 Schedule C or a profit and loss statement to your bank. We recommend that if you qualify, you should apply as soon as possible.
Include the following items in your calculation –
Add these amounts together, divide by 12 to calculate your average monthly "payroll", and multiply by 2.5.
No. Any money you withdrew from your S-Corporation during 2019 that did not go through salary is not eligible to be used in the calculation of your PPP loan amount.
It is not considered taxable income, even if it is forgiven. However, any expenses you use towards forgiveness will not be deductible on your 2020 business tax return.
Yes. We recommend that you apply for unemployment and the PPP as soon as possible. It's not clear how long it will take to be approved for and receive either one.
If you are approved for both, decide which will be more financially beneficial to you. Once you know this, these are your options: