Review the recently released cost-of-living adjustments (COLA) as released by the Internal Revenue Service, taking effect January 1, 2021. ...
On June 26, 2020, the U.S. Small Business Administration (“SBA”) published guidance on the determination of the maximum loan amount by entity type under the Paycheck Protection Program (“PPP”) of the CARES Act.
The guidance summarized how to determine the potential maximum PPP loan amount (generally 2.5 times certain average monthly payroll costs) for each of the following entity types:
Specifically, partners’ compensation is based upon the 2019 Schedule K-1 which is net earnings from self-employment of individual U.S.-based general partners who are subject to self-employment tax, computed from box 14a (reduced by any section 179 expense deduction claimed, unreimbursed partnership expenses claimed, and depletion claimed on oil and gas properties) multiplied by 0.9235 (to adjust for self-employment taxes) up to $100,000;
Additional details can be found at, https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf.
If you need more information, please reach out to any of your contacts at Schneider Downs or contact Joel Rosenthal (jrosenthal@schneiderdowns.com) directly.
Please visit our Coronavirus Resource Center for related content.
Review the recently released cost-of-living adjustments (COLA) as released by the Internal Revenue Service, taking effect January 1, 2021. ...
Learn more about the PPP Loan Forgiveness and Deductibility of Expenses and what is included in taxable income for Pennsylvania. ...
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