Who is considered an owner-employee for PPP?
“Owner-Employee” Defined “Owner-employees with less than a 5 percent ownership stake in a C- or S-Corporation are not subject to the owner-employee compensation rule . . . This exemption is intended to cover owner-employees who have no meaningful ability to influence decisions over how loan proceeds are allocated.”
What documents are needed for PPP loan forgiveness?
How to Get Your PPP Loan Forgiven
- Name of your business: business legal name, DBA, trade name (if applicable)
- Business Tax Identification Number (TIN): Social Security number (SSN) or Employer Identification Number (EIN)
- SBA loan number.
- Your PPP loan amount.
- EIDL advance amount (if you got one)
What does the PPP loan cover?
The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and. Employee and compensation levels are maintained.
Do you have to pay a PPP loan back?
The only way you will have to pay back all or part of a PPP loan is if you don't use it for the specific items outlined above. ... Initially, no more than 25% of the forgiven amount could be used to cover non-payroll costs if you wanted your PPP loan completely forgiven. That has been changed to 40% as of J.
How does a PPP loan affect unemployment?
If you receive a PPP loan, you will need to report the money you receive from the PPP as income to your state's unemployment agency. That will likely render you ineligible for unemployment. Once you spend your PPP, you could go back on unemployment if your business still isn't open.
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