Understanding COGS

@lightworker0000 100% service business here and I put 0 down for COGS. I don't sell goods, my costs are my contractors, travel, and myself. $0 COGS.

Is this going to hurt me for EIDL? I still haven't heard from them. It's been almost a month.
 
@godtrust I'm not an expert with COGS exempted services businesses. EIDL asked for COGS specifically so as long as you are consistent between IRS and SBA you are likely fine. I do however think that service only companies get a huge advantage for EIDL.
 
@lightworker0000 It's funny, when filling it out, I didn't really understand COGS and had to check with a couple accountants. I felt at the time that by putting $0 for COGS it was going to hurt me, seems like it potentially may help me here.

Or, it may be the reason I haven't heard a thing from SBA (not even a credit pull)...
 
@lightworker0000 Hey! this is 4 years later. I was wondering what happened during covid that led to this post?

I figured it's something to do with covid's PPP loans and lots of PPP rejections, but what exactly happened?

I was still in college then so I'm confused lol, but learning to do my own taxes right now
 
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