August 4, 2020
In the Forgiveness Calculation Model, do I put owners in the Pay Cycle Input tab (tab 2) or the Owner’s Compensation tab (tab 7)?
Posted by Armanino Financial Advisory Team
Any individual who meets the “self-employed” test (“owner employees” who are sole proprietors, Single Member LLCs, General Partners, S-Corp shareholder/employees and C-Corp shareholder/employees) should be listed on Tab 7. Owner’s Comp. Do not list them in Tab 2. Pay Cycle 1 Input because the costs input in Tab 2 show up in Schedule A on other lines than line 9, where Owner’s Compensation is to be reported.