Does anyone have any loan questions?

[Debra Gorgos]

I am interviewing SBA loan and PPP expert Pat Shannon, who is also president of the Heartland Carwash Association. He will answer any questions having to do with loans and PPP, etc. If you have any questions for him, post them here or private message me.

Thanks!

 

[6t7gto]

Why doesn't an S-corp qualify for the PPP loan?
As posted by slash007 in the Small Business Loan thread.
thx
david

 

[slash007]

I'll tell you that one.. It's because income is passed through to the personal return and no self employment taxes are charged to the company.

 

[Kramerwv]

S Corp qualifies but only on wages paid to the owner and employees, not the net profit that flows through to the owner.

 

[slash007]

S Corp qualifies but only on wages paid to the owner and employees, not the net profit that flows through to the owner.

You are correct. You would still qualify if you paid any actual wages. It's the net profit that passes through that doesn't count and why I don't qualify.

 

[boywonder]

Don't think he's an expert, just a loud mouth. Personal opinion