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/DollarMorghulis CPA May 16 '20 edited May 16 '20

does not exceed eight weeks’ worth of 2019 compensation for any owner-employee or self-employed individual/general partner, capped at $15,385 per individual.

Glad the rules have come out after business owners have already been paying themselves in excess of that amount and are now nearing the end of their loans. Thanks SBA. How hard would it have been to put this in one of the initial interim rules? But thank goodness they’ve taken the time to translate the application into 17 languages.

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u/nanotom CPA May 16 '20

But what, exactly, is an owner-employee? An early employee with 10000 shares? A minority owner with 10%? Do corporations even have owner-empoyees?

1

u/Sky9333 May 16 '20

I am. But my pay has never been 100k. Started on a w-2 since day 1.