Dear Clients, Business Associates and Friends:
FOR SOLE PROPRIETORS AND PARTNERSHIPS ONLY!
The US Small Business Administration released further guidance clarifying certain provisions of the Paycheck Protection Program, specifically as it relates to loan forgiveness. While most of this guidance supported or confirmed information we previously communicated to you, there was one major difference. Pursuant to the updated guidance, there will be no forgiveness for self-employed individuals’ health insurance or retirement plan contributions, as that is deemed to be coming from that individual’s self employment earnings. This applies to partners in a partnership and Schedule C sole proprietors.
Contact us should you have any questions.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
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