There are still many questions to be answered about PPP's. One of the questions sent to SBA is whether guaranteed payments to partners will qualify as payroll compensation- not sure yet. It would be unlikely the net income from the K-1 would be included as compensation, but we don't know. Since there are limited funds available, it doesn't hurt to apply now, and work out the details in underwriting.
PPP is a LOAN, with a potential forgiveness component. It is not a grant. There IS a difference.
"the game of life is hard to play"
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