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Quick PPP question
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Galaxie64
Posted 1/13/2021 14:35 (#8748278 - in reply to #8748253)
Subject: RE: Quick PPP question


WY, OK
It's the sch F line 9 figure divided by 12 then multiplied by 2.5 and gross is capped at $100K. That is how they get $20833. Unless you gross exactly $100K or more you would get less than the ~$21K. There is also a page and half of "I agree to" lines that would eliminate a lot of the fantasy things I see people talking about on here that have never seen the form.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-option...

This is assuming "first draw" since anyone who has already done this should know what to do. They changed it so S corps, and the like, that have a zeroed out Net on their taxes can now use their Gross figure, up to $100K, to use as the basis.

$100,000/12= $8333.33*2.5= $20,833.33
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