Late yesterday, the SBA issued additional guidance for the Paycheck Protection Program, and it specifically addresses the often-asked question of how self-employed and partner income should be included in the loan application.
The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees).
Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).
The SBA also updates its FAQs at this link – the latest update is from April 14th.
If you have any questions, please contact your HM&M advisor.
For more information check out HM&M’s COVID-19 Resources page.
HM&M COVID-19 ResourcesRelated Posts
On June 9, the IRS released Announcement 2022-13, which modifies Notice 2022-3, by revising the optional standard mileage rates for calculating the deductible cost of operating a vehicle for business, medical or moving expense purposes. ...
Summary The FASB issued ASU 2020-05(1)(“ASU”) to provide a one-year deferral of the effective dates of: ASC 842, Leases, for all private companies and certain not-for-profit entities ASC 606, Revenue from Contracts with Customers, for ...
We discuss below some of the more important recent developments involving Federal COVID-19 stimulus. June 30, 2020 is the last day a Paycheck Protection Program loan can be approved. If you are eligible for a ...
On July 31, 2015, President Obama signed into law P.L. 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the "Act"). Included in the Act are a number of important tax ...
Latest Blog
DALLAS, TX – [February 21, 2025] –HM&M, a leading accounting and advisory firm, is proud to announce that ...
Updated February 14, 2025 A complex trust or estate may make an election under Internal Revenue Code Section ...
As this reminder was going to press, a Texas-based federal court issued a preliminary injunction prohibiting the federal ...
HM&M Updates
DALLAS, Dec. 11, 2024 – Springline Advisory, a trailblazing financial and business advisory firm, is proud to announce its partnership ...
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...
We are pleased to announce the winners of the 2022 HM&M Excellence Awards. Ronna Beemer, Keith Phillips, and ...