AB 80/PPP Quarters-Dumb question - Spidell

AB 80/PPP Quarters-Dumb question

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Message Board AB 80/PPP Quarters-Dumb question

  • This topic has 4 replies, 3 voices, and was last updated 1 week ago by Anonymous .
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    • #301206
      Anonymous
      Participant

      I have a client that wants to use any three months that they had a 25% decrease for the AB 80 requirements.  In their case it was March, April & May.  I believe a calendar quarter is quarter end 3/31, 6/30, 9/30 or 12/31, not any 3 months you want to choose.   I can’t find anything specific, is there any clarification as to what a calendar quarter is in the PPP information?  Or is there any tax law or SBA literature that defines what a calendar quarter is?

    • #301456
      Lynn Freer
      Participant

      No they must use the quarter based on their tax year. For a calendar year, it’s quarters ending as you stated.

    • #301460
      Sandra Sunken
      Participant

      I have a client that has a tax year ending August 31st. In that case, would we use every three months during their past tax year rather than the quarters listed above for a calendar year corporation. I also have clients who have year ends such as September 30. Would I still use 3/31,  6/30, 9/30, and 12/31/2020?

    • #301709
      Anonymous

      We have the same situation … a client has a 4/30 YE.  For purposes of calculating the 25% decrease, do we use 3-months ended 7/31, 10/31, 1/31 and 4/30?

    • #301829
      Anonymous

      The SBA states calendar quarter in all of their documents regarding Second Draw of PPP Loan.  It does not state tax calendar quarter.  We have interpreted it to be an actual calendar quarter.

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