Actually, you don't need employees. Keith pointed that out on the virus thread and I checked into it further. This is great news.

There are now several vids on YT about this and here's one done by a CPA:



Right now the application process has been delayed for a week. This is brand new and note near the end he says it's not clear if this is based on the gross or net. I have not had the time to dig into this myself so I'm not saying this is absolutely correct but as far as the basic question, yes Sch C people can get this with no employees. And since I am one of those for my tax business I'll be looking into this as well.

I just watched two more of his vids. He is more credible than I thought because he is one of the major CPE presenters nationwide. His course may be one that I'll wind up taking for part of my CPE credits this year. He said his course will be ready May 1.

This is very deep and I'm not going to even try to get into it on this forum but I'll say this about one vid I just finished. There is a big difference between initially getting a loan then later on qualifying for the forgiveness part. They are two different things and the forgiveness is not based on what happened in the past, it's based on what happened between Feb 15 and June 30, 2020. This means we won't exactly know how much will be forgiven and some of it or all of it may need to be paid back, there's a lot of detail in the new law.

If anybody here wants to look into this consult a local tax professional about it.

Bob

Last edited by jazzmammal; 04/04/20 11:06 AM.
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