PPP question

I am a part owner of a small biz.
I worked in 2019 at this biz but NEVER took a salary. I have been working in 2020 as well.
Since the PPP loan forgiveness application form states that the salary cannot exceed the prorata (ie 8 weeks) salary of 2019, I am wondering if I can take a salary for the 8 weeks since now I am having to put in more hours than ever.
Can I be added as a new employee for the PPP program?
Reply to
jesi
You don't state what type of entity the business is. This will determine how you apply for forgiveness and what constitutes payroll/salary. If the business is a partnership, your partnership income and/or guaranteed payments would be the basis for your salary. If the business is a corporation, your salary counts. Since the potential penalties for misusing the funds could include bank fraud, you should consult with competent counsel regarding the specifics of your situation.
Ira Smilovitz, EA Leonia, NJ
Reply to
ira smilovitz

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