#PPP #PPPForgiveness
How do you get PPP Forgiveness?
In this video I discuss guidelines to maximize your PPP loan forgiveness. Make sure that you check with your lender's specific guidelines for what documentation you will need by checking their websites, or call a lender representative for assistance. As always, it is best to contact and work with a financial professional like an accountant.
If you are self-employed and received PPP with no other employees, you can take 2 months of average income from line 31 on your 2019 Schedule C form (take the number on line 31, divide by 12, and multiply by 2). This is called "Owner's Compensation Replacement." You must take this draw from the amount you receive within 8 weeks of receiving the funds. There are no guidelines about HOW to take that draw, but it is best if you can show a record. Some recommend that you take it in 2 equal payments (equal to an average month), but there is no specific guidance on that at this time. It is important that you use the funds within 8 weeks of receiving the deposit.
You have 6 months of deferred payments before you have to start paying on the loan. Some lenders are requiring that you file for forgiveness within 90 days of receiving the funds. The lender has 60 days to determine forgiveness.
Keep all records of transactions. Be able to show the amount due and the amount paid. Ask for receipts when necessary. It could be useful to immediately transfer those into digital PDF files, and store them somewhere easy to find.
Make sure to watch my videos about completing the loan forgiveness application:
[ Ссылка ] Part 1 - PPP LOAN FORGIVENESS APPLICATION - Documentation - STEP BY STEP
[ Ссылка ] Part 2 - PPP LOAN FORGIVENESS APPLICATION for Sole Props, LLCs, Self Employed with no employees
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RGB LED light in the background (color). This is a great little LED light for color highlight less than $75!: [ Ссылка ]
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DISCLAIMER: Thank you for coming to this channel. The information presented here is for informational and educational purposes. The information presented on this channel should not be used as a substitute for the advice and counsel of financial and/or legal professionals familiar with your specific business and situation. You should visit the websites and agencies included above, and/or speak to their agents about your situation. You should always consult with your business partners (if you have any), an account, banker, and/or other financial and legal professionals to obtain the very best advice specific to your business and situation. Although every attempt was made to provide up-to-date and accurate information, no guarantee is made to that effect.
