Schedule C PPP loan forgiveness - Spidell

Schedule C PPP loan forgiveness

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Message Board Schedule C PPP loan forgiveness

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    • #259467
      Nancy L. Reynolds
      Participant

      For loan forgiveness a Schedule C takes 2.5 times line 31 of the 2019 Schedule C. Where does this go on the Loan forgiveness application? Payroll costs?

    • #260123
      Sandy Weiner
      Participant

      Yes it would go in the Payroll costs on the application.  A Schedule C filer would use 2.5/12 x line 31 of the 2019 Schedule C if they are using the 24 week covered period for loan forgiveness.  If they are using the 8 week covered period it would be 8/52 of the 2019 Sch. C net profit.

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