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PPP funds LLC via C last year and S-corp in 2020

Level 3

Have 3 clients who were LLC's filing schedule C in 2019 who are S-corps in 2020.

All received PPP based on schedule C numbers (banks were fine with this). For payroll costs and owner replacement during the 8-week PPP period, should these be ideally run via payroll or done via the 8/52 owner replacement? 

One is running payroll and two are just getting going. Thoughts and friendly advice is appreciated.

 

 

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Level 13

Now you asked Twice, and are being answered here:

https://proconnect.intuit.com/community/proseries-discussions/discussion/ppp-and-first-year-s-corp/0...

 

No need to keep asking. Please keep the same issue in One Place. Thanks.

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

1 Reply 1
Highlighted
Level 13

Now you asked Twice, and are being answered here:

https://proconnect.intuit.com/community/proseries-discussions/discussion/ppp-and-first-year-s-corp/0...

 

No need to keep asking. Please keep the same issue in One Place. Thanks.

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post