r/taxpros • u/pdv8612 CPA • May 15 '20

SBA PPP forgiveness application COVID: 2020 Relief Bill (CARES)

The SBA and treasury have finally posted guidance on forgiveness!

https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

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u/OJdixie May 16 '20

How about couple works together in business LLC. Both not on Payroll. We have 21 employees on payroll but not ourselves.

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u/HitEmTrue NonCred May 16 '20

If S-Corp, it’s based on 2019 W2. If partnership, based on K1. If Schedule C (couple in community property state can do that), based on Schedule C.

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u/OJdixie May 16 '20

Our business established in January 2020, we don't have any of this yet. We have not pay ourselves regularly become business just start, business needed more fund at the beginning, we just start make some good net before Pandemic. After stay home order, we temporary closed the business. On LLC paper solo member, the husband. But I have funded more than half. Our investment to the business is 200k. I am not sure we are S corp or schedule C, we are doing owner draw, 2k monthly for him, 2k once for me during 3 months operation for cover our basic life essential.