…the new guidance directs that the self-employment income of partners in a partnership may be reported as a payroll cost, up to $100,000 annualized, on a PPP loan application filed by or on behalf of the partnership (or LLC filing taxes as a partnership).
Interesting, our banker said we could not count the Partners income because they aren’t W2 employees.
Correct, this new guidance was provided within the past day…typical of this program whereby the Feds are providing such updates on an ongoing basis…
Our bank said they are following the rules as of the date we applied, so no go here.
we spoke w BOA, as our initial PPP without partner K1 earnings in there. told we could reapply but would go to the end of the line, risking no $$ so going to play it safe and just stay w the original application.