Fee to get PPP loan
Posted: 28-Jan-2023 8:50pm
Client, sole proprietor, gets $150,000 PPP loan. It is forgiven. He paid $17,000 to the person who got him the loan.
I would think that since the loan was forgiven, he CANNOT deduct this $17,000 fee on his Schedule C.
Even if he cannot take the deduction, I think he should file a Form 1099 for the $17,000.
Any comments or suggestions appreciated.
I would think that since the loan was forgiven, he CANNOT deduct this $17,000 fee on his Schedule C.
Even if he cannot take the deduction, I think he should file a Form 1099 for the $17,000.
Any comments or suggestions appreciated.