5 Key Steps to Calculating Paycheck Protection Program Loan Forgiveness

May 4, 2021 | Tax

Organizations who received a Paycheck Protection Program (PPP) loans should look to maximize their loan forgiveness.  The following outlines five key steps for PPP Loan forgiveness; look over these steps now to prepare for maximum loan forgiveness:   Step 1: Track...

How to Request Loan Forgiveness?

May 4, 2021 | Tax

Initial guidance in the legislation indicates that a borrower should submit to their lender an application to request loan forgiveness and supply the lender with the following documentation relating to the covered period:  Documentation verifying the number of FTE and...

Special Rules for Self-Employed (Schedule C Taxpayers)

May 4, 2021 | Tax

In addition to the permitted use of  Paycheck Protection Program (PPP) funds, a sole proprietor may use PPP funds for owner compensation replacement per the following guidelines below:  Owner compensation replacement for a sole proprietor is defined as 2019 Schedule C...