Updated almost 6 years ago on . Most recent reply
Question on self employed PPP forgiveness
Situation m: 1099 self employed used 2019 1099 form to get ppp loan. Lets say 1099 was 50K so 50K/12x2.5=10416. So total ppp loan amount is 10416
Question1:can the loan amount be 100% used for his payroll? Basically 10416/8=1302 a week ( 8 weeks period)
Question2: will the total amount of this loan will be forgiven or at the time of forgiveness they will look at Schedule C line 31 for 2019 and only forgive weekly pay based on previous year NET income vs 1099 GROSS income?