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Quick PPP question
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Reality speaks
Posted 1/13/2021 21:15 (#8749337 - in reply to #8749274)
Subject: RE: Quick PPP question

If you got the $20,833 in the first draw based upon your net Schedule F income then there is nothing you can claim as you got the max. You can apply for the 2nd draw if you can document the 25% reduction in gross sales in any quarter in 2020 compare to the same quarter in 2019. If you can meet that test then its back to gross income (not to exceed $100,000 and wages you paid to others if any) The wage part is monthly wages paid times 2.5. Hope this helps.
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