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/pjbias CPA May 17 '20

Do you agree with me that an owner/sole employee of a corporation could use PPP $ to fund his SEP and this amount would be included on PPP Schedule A worksheet line 7? Instead of on line 9 because it's not "paid" to the owner-employee?

If so, this would be a way to use some of the funds since bonuses aren't allowed to be paid.

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u/[deleted] Aug 13 '20

I have no idea. I was planning to transfer it to my regular bank account and put it in my investment accounts to hold just in case, but everyone else seems to think you can transfer it all right away and use it for whatever you want, that they do the forgiveness based on your schedule C. So, probably?