Q&A: PPP Allocation & Forms to Select
In this #PPP Q&A speed round, we talked through allocation to which forgiveness forms to use.
These were the questions asked:
1) Are employer HSA contributions considered payroll costs?
2) Is rent that's paid to owner's LLC eligible for forgiveness?
3) Let's say an owner's compensation in 2019 included a bonus and the bonus and compensation are equivalent in 2020, is the bonus still forgiveable?
4) If a C Corp CEO owns more than 5% of a company, is there a cap on their wages that can be claimed for forgiveness?
5) Will an owner's spouse be penalized under the owner compensation limitations as well?
6) If an organization did not reduce the hourly wage rate but did reduce the hours while they were closed during a mandatory shutdown, should they still be using the EZ forms?
7) If a company qualifies for S and EZ forms, which should be picked?
This clip originally aired at a workshop hosted by The CFO Leadership Council as sponsored by Upside Financial.
To learn more about how Upside Financial can help with PPP forgiveness, visit https://upsidefinancial.com/
To get $100 off assistance with your PPP forgiveness application using Upside Financial's PPP Advisor Pro service, use our affiliate link here: https://borrower.upsidefinancial.com/promo/HannahSmolinski
Hannah Smolinski is a #CPA and the Founder of Clara CFO Group.
Find out more about Clara CFO Group at https://claracfo.com/
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.