PPP loan proceeds, EIDL advances, and direct payments from the IRS (e.g., tax refunds, rebates, stimulus or economic impact payments pursuant to the CARES Act) should not be included in gross receipts. There is currently no official guidance from the EDD as to whether PPP loan proceeds need to be reported as income when you are certifying for PUA or UI. Borrowers should calculate their maximum loan based on both options to determine which option will provide them with the largest maximum loan. How long will it take for me to get an EBL after I apply? hello@sba7a.loans, SBA Loan ComparisonSBA 7(a) Loan Fees, Rates, and TermsQualifying for an SBA 7(a) LoanSBA Loan Guides per State, Privacy PolicyTerms of UseAdvertiser Disclosure. Below are some resources and links that you can use to find a PPP lender. Technology Borrowers can exclude from loan forgiveness calculations employees who turned down good faith offers to be rehired at the same hours and wages as before the pandemic. Will I need to pay income tax on the PPP loan proceeds if I use the proceeds for income replacement? And once youre done, you just submit the application and wait for a response, which includes a loan quote. CMBS Loans, Will employees need to pay taxes on the proceeds that they receive? Please be advised that you are not required to seek services from any of the companies suggested. Since real estate agency is a personal service business (which makes cost of goods sold inapplicable for most brokers), brokers should typically be able to use gross income or total income (for a firm) to determine their gross receipts for a quarter. Apartment Loans,HUD Loans, Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Your lender may have additional instructions for submitting the PPP loan forgiveness application or may require you to submit additional documentation. Alternatively, you can submit lessor account statements from February 2020 and from the Covered Period through one month after the end of the Covered Period verifying eligible payments. However, keep in mind that all loan proceeds for borrowers without employees can be attributed as proprietor expenses or owner income replacement, and there is no need for these borrowers to attribute any of the loan proceeds to the non-payroll costs category. The SBA refers to this as owner income replacement. The borrower can spend the owner income replacement portion of the PPP loan on anything the borrower chooses. Entities eligible for a supplemental targeted advance will be able to receive an additional $5,000 grant. A Bellingham-based real estate brokerage faces accusations that it knew two of its male agents drugged and sexually assaulted female co-workers during work events.. Use r/TargetedEIDL for advance/grant issues. A small business must satisfy the following criteria to be eligible to receive a grant award: Must be a sole proprietor, independent contractor, or registered for-profit business entity (e.g., C-corporation, S-corporation, limited liability company, partnership) that has yearly gross revenue of $2.5 million or less (but at least $1,000 in yearly gross revenue) based on the most recently filed tax return.
