Q1:How should we show on books if year closes before forgiveness response?
Q2: If you had a part time employee and let them go during the period, then replaced them with another part time employee, who has the same number of hours, so would that be the same FTE number?
Q3: Are you advising clients to hold off on preparing their 2020 income tax returns until they know the amount of the PPP loan forgiven.
Q4: Did you talk about employees, who are also family members, that are on payroll with the PPP loan and how that affects the loan forgiveness?
(Answered in previous question): Are adult children considered to have ownership due to being related?
(NO CERTAIN ANSWER): If forgiveness isn't provided until 2021, the PPP is still a loan, would a reduction be a change in accounting method?
Q5: If a sole proprietor with no employees received a PPP loan based on the 2019 Schedule C income, therefore, they would have no payroll expenses to deduct. So, is there no reduction of expenses nor additional income for this taxpayer?
Q6: Regarding PPP, If I fully use my PPP loan proceeds on qualified expenses by week 12 and maintained my FTE count for the 12-week period but reduced my FTE by week 24. Have I reduced my FTE count for loan forgiveness or forgiveness purposes?
Q7: PPP is still technically a loan until SBA pays the lender, forgiveness is in 2021. Would expenses
still be 100% deductible in 2020? And then would you need to pick up income in 2021 due to tax
Q8: How much are you charging your clients to prepare for the forgiveness application?
Q9: Do you have an example of when you would choose the 8-week period over the 24-week covered period, for pre-June 5th loans?
Q10: Does the schedule c taxpayer with no employees have to include PPP in income since he doesn't have a wage expense to reduce?