PPP forgiveness for sole proprietor - Spidell

PPP forgiveness for sole proprietor

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Message Board PPP forgiveness for sole proprietor

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    • #305300
      Anonymous
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      <div class=”default-style”>I have a client that received the maximum $20,833 PPP loan.  He doesn’t know if his loan will be forgiven.  It seems the forgiveness calculation would be based on the 2.5 months of the $100,000 cap which would be the same as the loan.</div>
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      <div class=”default-style”>Even if he ends up having to repay the lender a part of the loan wouldn’t the tax return still be the same?  Do we need to adjust the tax return to include any non-forgiven PPP funds?</div>
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      <div>Thank you</div>

    • #305309
      Anonymous

      reposting my question – somehow first post has html code embedded.

      I have a client that received the maximum $20,833 PPP loan. He doesn’t know if his loan will be forgiven. It seems the forgiveness calculation would be based on the 2.5 months of the $100,000 cap which would be the same as the loan

      Even if he ends up having to repay the lender a part of the loan wouldn’t the tax return still be the same?  Do we need to adjust the tax return to include any non-forgiven PPP funds?

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