Kevin1
Level 2
09-14-2020
06:06 PM
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Confirmed that the bank wrote the loan for the S-Corp qualifying with Schedule C figures from 2019. Not sure how that worked... Will they do the same for the forgiveness part? We'll see. For now, I'll clean up the payroll.
Lookback provision in SBA docs for forgiveness:
"S Corporations: The employee cash compensation of an S-corporation owner-employee, defined as an owner who is also an employee, is eligible for loan forgiveness up to the amount of 2.5/12 of their 2019 employee cash compensation, with cash compensation defined as it is for all other employees."
