PPP LOAN FORGIVENESS As a self-employed and sole proprietor individual.
As a self-employed and sole proprietor individual, I get paid on a 1099, all income I receive I consider as payroll since it's just me. THE BANK THAT ARRPOVED THE PPP FOR ME ALSO USED THE 1099, NOT SCHEDULE C, I applied for the PPP was approved and received the loan. Now how does one go about applying for loan forgiveness taking this into consideration?
Do I take weekly payments into a personal account from the business, meaning divide the amount I recived by 8 weeks? I have asked the lending bank but they have no information on how to proceed with this matter as of yet.
Any insight into this matter will be greatly appreciated. So that I can properly use the funds and Apply for the loan forgiveness.
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Answers (71-72)
This is a great question. Recommend you speak with your CPA and also talk with your bank commercial lending officer or a regional bank or credit union which deals with small entrepreneurial businesses. Also a call to the SBA may be helpful.
sorry - cant help on this one