iamasinkingship
New member
Please tell me why you can’t claim the week you received PPP and continue to file. No where does it state it needs to be stretched out as 8 week payments. The owner compensation law states 75% is automatically forgiven according to your schedule c. No where does it say you can’t pay yourself all at once and then continue to claim income for the other 7 weeks when there is none.
This is even more relevant for people who made more than $100k on line 31 and would typically pay themselves the capped amount within a 1-4 week period.
Unless your State adopts a law that says you have to claim/pay yourself 8 weeks within the 8 week period there is nothing illegal about it.
Please don’t twist your opinions as facts. I want compelling arguments not opinions.
Treasury Website
ii. owner compensation replacement, calculated based on 2019 net profit as described in Paragraph 1.b. above, with forgiveness of such amounts limited to eight weeks’ worth (8/52) of 2019 net profit,
https://home.treasury.gov/system/fi...Requirements-for-Certain-Pledges-of-Loans.pdf
(UI, UC, PUA, PUE, UNEMPLOYMENT)
This is even more relevant for people who made more than $100k on line 31 and would typically pay themselves the capped amount within a 1-4 week period.
Unless your State adopts a law that says you have to claim/pay yourself 8 weeks within the 8 week period there is nothing illegal about it.
Please don’t twist your opinions as facts. I want compelling arguments not opinions.
Treasury Website
ii. owner compensation replacement, calculated based on 2019 net profit as described in Paragraph 1.b. above, with forgiveness of such amounts limited to eight weeks’ worth (8/52) of 2019 net profit,
https://home.treasury.gov/system/fi...Requirements-for-Certain-Pledges-of-Loans.pdf
(UI, UC, PUA, PUE, UNEMPLOYMENT)