July 23, 2020
Can owner retirement contributions be included in the forgiveness calculations?
Posted by Armanino Financial Advisory Team
For self-employed people generally, the answer is no. If an owner is on payroll in a corporation, receives a W-2, contributes to their own retirement and the company matches their contributions, the portion that is the employer matching expense can be included in the forgiveness calculation up to a maximum of 2.5 months’ worth of the employer’s 2019 contribution.