COVID RELIEF: Paycheck Protection Plan

[WinoBlues]

Yes please... so that when I replace them, I get paid again!

I will send the list promptly in 13 months.

 

[billyb]

I looked at the PPL loan application. 2.5 times what? Gross average monthly commissions? Salary? Net profit on tax return? It said in 8 weeks you will have to provide documentation of expenses.

 

[HoosierLife]

I looked at the PPL loan application. 2.5 times what? Gross average monthly commissions? Salary? Net profit on tax return? It said in 8 weeks you will have to provide documentation of expenses.

2.5x monthly payroll

 

[billyb]

I am a S Corp and my salary is $1000 monthly. I dividend the rest. So 2.5 x $1000?

 

[HoosierLife]

I am a S Corp and my salary is $1000 monthly. I dividend the rest. So 2.5 x $1000?

You're going to jail now!

 

[billyb]

You undoubtedly don't know what you are talking about.

 

[Tahoe Ray]

CNBC just said the PPP is maxed out and now needs congress to step in if they want the lending to continue.

 

[HoosierLife]

You undoubtedly don't know what you are talking about.

You gotta pay yourself a reasonable salary. Hope you don't get audited lol. Man I thought I was bad...

 

[Life Hawk]

I am a S Corp and my salary is $1000 monthly.

You need to fire your boss. He is abusing you.

 

[billyb]

I used $1000 monthly salary to get a response. I am not going to post my tax info on this forum. Been audited twice in the past and it was no fun. Sure don't want it to happen again.

What salary is reasonable? My CPA says 60/40 is acceptable. You can't really get a solid answer so if you are audited I guess you will find out then.