My bank finally got back with me on the Paycheck Protection Loan, and I'm weighing my options between that and unemployment.
I've read in a couple of places now that the forgivable amount as it pertains to self-employed owner compensation is limited to 8/52 of 2019 net profit. I've also read that if it's used for allowable expenses they need to be deductible on Schedule C. Does that mean that the expenses we claim on 8829 would not be able to be forgiven?
At the end of this I just don't want to end up with a loan that's not going to be forgiven.
One other thing - do you know if this loan will be considered taxable income?
Thanks for your help!
I've read in a couple of places now that the forgivable amount as it pertains to self-employed owner compensation is limited to 8/52 of 2019 net profit. I've also read that if it's used for allowable expenses they need to be deductible on Schedule C. Does that mean that the expenses we claim on 8829 would not be able to be forgiven?
At the end of this I just don't want to end up with a loan that's not going to be forgiven.
One other thing - do you know if this loan will be considered taxable income?
Thanks for your help!
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