PPP for 2 businesses?

Technical topics regarding tax preparation.
#1
CO CPA  
Posts:
729
Joined:
17-Oct-2018 10:46am
Location:
Colorado (CO)
I have a client with two totally separate businesses. He is majority owner of entity 1 and 33.33% owner in entity 2. Entity 2 received a PPP loan which included his salary limited to $100k (he's paid $250k). Does he qualify for a second loan for entity 1 for his salary limited to $100k (also paid in excess of $100k)? I can't find anything saying this isn't allowable. Anyone have any thoughts?
 

Return to Taxation



Who is online

Users browsing this forum: alwayslost, Anderly, CaptCook, ChrisGCPA, dellpaul, golfinz, Google [Bot], Google Adsense [Bot], JAH, Jeff-Ohio, JoJoCPA, kyle242gt, lckent, missingdonut, rbynaker, rkrcpa, TAXMASTER, taxp2345, Terry Oraha, Treetopclimes, William S, zl28 and 194 guests