Comments on: The New Sole Proprietor PPP Formula

By: Stephen Nelson CPA

Stephen Nelson CPA — Mon, 08 Mar 2021 23:54:33 +0000

In reply to Mike P. You can't redo a PPP loan that's already been processed. Sorry.

By: Stephen Nelson CPA

Stephen Nelson CPA — Mon, 08 Mar 2021 23:53:50 +0000

In reply to Charles G Amboy CPA. I don't know. I don't think so.

By: Stephen Nelson CPA

Stephen Nelson CPA — Mon, 08 Mar 2021 23:53:20 +0000

In reply to Kathleen Dienhart. Yes.

By: Mike P

Mike P — Thu, 04 Mar 2021 22:30:50 +0000

Does the $20,833 “cap” still apply under the new formula? If I have already applied for a 2nd Draw with the $20,833 cap, and qualify for more, but the application is still pending, can I resubmit or submit a new claim?

By: Charles G Amboy CPA

Charles G Amboy CPA — Thu, 04 Mar 2021 19:41:53 +0000

1. Why line 7, not true Gross income?
2. 1st round had a special provision for Seasonal. Nothing in the Interim final rule about Seasonal. Could gross of 72000, net of 22000, all in 12 week season (12/4.3weeks per month=2.79 mo) qualify for Seasonal calculation?

By: Kathleen Dienhart

Kathleen Dienhart — Thu, 04 Mar 2021 15:25:35 +0000

Is it your understanding that this “revised” formula can be used for both round 1 and round 2? I have several sole proprietors that already received round 1, but would like to apply for round 2 using this new formula.

Thanks!!
Kathleen