FTFY
someone who is eligible for Unemployment when living abroad, aka, he works for a NJ company. Is he eligible as a 1099 contractor for PPP while living abroad? He is completely set up to work and operate remotely......
Thanks. There's a discrepancy in the IFR and a later FAQ, so I'm trying to get some clarity before I make any changes.
The way they state owner forgiveness makes me think we can go with a 2.5 month period instead of 10.75 weeks. This is very beneficial for those who get funded for First Draw in the next 10 days, as February is a short month, and leaves just about enough time to go for Second Draw.
What are the odds there will still be money left in the program 2.5 months from now? And if it runs out, is there any chance Congress will replenish it?
New forgiveness forms are out:https://home.treasury.gov/system/files/136/PPP--Loan-Forgiveness-Application-Instructions--Form-3508S-1192021.pdfhttps://home.treasury.gov/system/files/136/PPP--Loan-Forgiveness-Application-Instructions--Form3508EZ-1192021.pdfhttps://home.treasury.gov/system/files/136/PPP--Loan-Forgiveness-Application-and-Instructions--Form-3508-1192021.pdfThe way they state owner forgiveness makes me think we can go with a 2.5 month period instead of 10.75 weeks. This is very beneficial for those who get funded for First Draw in the next 10 days, as February is a short month, and leaves just about enough time to go for Second Draw.They FTE/Salary reduction waiver is only in place for loans of $50k or less. Between $50k+ and $150k you have to follow the reduction rules even though you can use the easier form.
Can you please clarify - isn't 2.5 months the same as 10.75 weeks. At this point already 2.5 months is after March 31. If I don't have any eligible expenses to make my spending faster than the full 2.5 months, is there any chance I can get second draw before March 31? My first draw was just approved - still awaiting the final document to sign and the funds to be deposited.
You're right you're right...Because of Feb it's less than 10.75, but it's still after 3/31 so that doesn't help us much.
So in other words it's impossible for an independent contractor to double dip?
as written already up-thread I don't think that you need to wait 8 weeks to apply. since only by getting PPP2 disbursed u need to have funds of PPP1 used up, and you don't need to spend it on eligible FORGIVENESS expenses, eligible expenses is enough
But if I spend it on expenses that are not forgivable, How would I get it forgiven?
You don't need to spend the money from the PPP incoming transfer to be eligible for forgiveness, you can apply now once the money is spend on eligible expenses, after 24 weeks if between all business expenses you had spend again an amount on payroll that is eligible for forgiveness you can apply than for forgiveness
When applying for 2nd draw, on a schedule C, Can line line 31 be 25% less? Or the 1099 has to be 25% less?
If going for an annual reduction line 7 plus line 4 in 2020 has to be 25% less than the line 7 plus line 4 in 2019.I suggest you read my post
I just got my approval from biz2credit!
I referred two relatives there, and they also were both approved.