PPP LOAN FORGIVENESS APPLICATION

[Lion EA]

The forgiveness is spelled out pretty well in the 11-page application with directions and definitions. But, it is tedious with multiple qualifying periods and multiple calculations by hand on the worksheet, on the schedule, and even off the app. I'm not working through calculations yet for myself or anyone, because we know it has to change at least once to move to the new Flexibility dates. Those dates will remove a LOT of the computations for most borrowers.

I don't thing anything has changed for Schedule C borrowers under Flexibility (I've only skimmed it). It's just 8/52 of their 2019 Sch C line 31.

[Medlin Software, Dennis]

The major difference in the two bills, from what I remember, was 16 weeks vs 24 weeks.  For many recipients, the difference is moot.  For those who are not really operational yet, 24 weeks is much better, of course.  For those who are operational by now, the difference is documentation will be easier (easier on the low level, possibly new bank hire who will be reviewing), likely gross payroll plus rent/mortgage receipts.

[Edsel]

Not loan forgiveness, but directly related.  We are now closer to July, and the filing of 941s.  Asked this before and members were hesitant to answer because the landscape was continually changing.    The credit is 50% of "qualified" wages.

What do they mean by "qualified" wages??  It is even now more important because I am told a PPP loan no longer disqualifies you from the 941 credit.

[Lion EA]

https://www.irs.gov/coronavirus/employee-retention-credit