PPP from one subsidiary and EIDL from another subsidiary

Technical topics regarding tax preparation.
#1
Keyad22  
Posts:
1209
Joined:
13-Jun-2016 9:51am
Location:
Bay Area, California
Hi everyone,

Here are a group of 5 companies, one Parent and the rest are 100% owned subsidiaries. Each entity has its own EIN but they filed consolidated tax return.

All payroll of the employees are paid through one subsidiary and it applied and acquired PPP loan. Another subsidiary applied EIDL loan Advance.

Question: When the subsidiary apply for PPP forgiveness, should the applicant exclude the EIDL advance from another subsidiary?

Thank you,
 

Return to Taxation



Who is online

Users browsing this forum: artp, dellpaul, deniz, Frankly, Google [Bot], Google Adsense [Bot], GSTaxTalk, JAD, JoJoCPA, JR1, ManVsTax, MAPCPA60, SALYstrikesagain, Seaside CPA, TheGrog, Trailman423, wallbobbyc and 202 guests