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