I have a client that is organized as an LLC and has been taxed as a partnership from inception through 2019. In 2020, they are planning on making an S election under the late-filing procedures (effective 1/1/2020). Their PPP loan amount was based off of their 2019 self-employment income plus the payroll they had to one other employee. In 2020, they are paying themselves as a salary. Has anyone seen any guidance on how the SBA looks at this situation? I know they released guidance with respect to ownership changes but I don't think that applies here.