What is the name of your state? IL
I have an S-Corp with just myself as the employee. My contract with client where I was working as a contractor through my company ended last year and since then I have been filing zero tax returns each month and not paying myself anything.
Do I qualify to file for Paycheck Protection Program if I'm currently not paying myself? I hear that a company can bring back laid off employees into payroll under this program - can I bring back myself into payroll after applying for this program?
Also, I hear the PPP funds are running out fast - is it possible to apply for SBA 10,000 grant and also PPP at the same time for the same business?
Stimulus Check:
I made 100K salary in 2018 but 70K in 2019. However, taxes for 2019 are not filed yet. If I file 2019 taxes, will SBA look at my 2018 income or 2019 income? If they mail out checks to people next week (not paying me based on 2018 income) and I file my 2019 taxes next week, will they look at the reduced income in 2019 and re-process for the check?
Thanks!
I have an S-Corp with just myself as the employee. My contract with client where I was working as a contractor through my company ended last year and since then I have been filing zero tax returns each month and not paying myself anything.
Do I qualify to file for Paycheck Protection Program if I'm currently not paying myself? I hear that a company can bring back laid off employees into payroll under this program - can I bring back myself into payroll after applying for this program?
Also, I hear the PPP funds are running out fast - is it possible to apply for SBA 10,000 grant and also PPP at the same time for the same business?
Stimulus Check:
I made 100K salary in 2018 but 70K in 2019. However, taxes for 2019 are not filed yet. If I file 2019 taxes, will SBA look at my 2018 income or 2019 income? If they mail out checks to people next week (not paying me based on 2018 income) and I file my 2019 taxes next week, will they look at the reduced income in 2019 and re-process for the check?
Thanks!