In the event your Business is an LLC

In the event your Business is an LLC

Simple tips to determine your loan quantity shall be determined by exactly just how your LLC files its fees. The SBA states that “LLCs should proceed with the directions that connect with their income tax filing status into the guide duration used to determine payroll costs (2019 or 2020)—i.e., whether the LLC filed (or will register) as a single proprietor, a partnership, or a firm when you look at the guide period.”

In case your Company Is an S Corp

You may qualify based on payroll (including payroll you pay yourself) if you are self-employed and your business operates as an S Corporation,. But, in the event that you pay just find more info yourself settlement through owner’s draw or distributions, may very well not qualify. We recommend you read: Does Owner’s Draw Qualify as Payroll when it comes to PPP Program ? (more…)

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