Quote:
Originally Posted by Speigelau
Seems they've taken your advice. I started the process yesterday and received a well defined email today from Blue Acorn regarding the status of my app and the remainder of the process.
I couldn't find anything in the FAQ regarding how a forgiven PPP loan is viewed by the Feds for next year's taxes. Is it considered income that will need to be reported?
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>>> To have your loan 100% forgiven, you’ll need to have:ha
- ha Spend that money within 24 weeks (6 months)
- ha Employee and compensation levels are maintained (which if you’re self-employed is just you)
- ha At least 60 percent of the proceeds are spent on payroll costs, and the rest goes to other eligible expenses (wages / payroll, mortgage interest, rent, utilities, taxes, benefits, etc).ha
Then we’ll help you fill out the paperwork needed. You’ll need to provide some documentation that proves you actually spent it accordingly (like a bank statement), and you can have it 100% forgiven.