Hi All, First time poster so PLEASE go easy on me. I have looked through the forum here and it seems like a wealth of knowledge (insert butt kissing emoji). I am looking for a little info on PPP. My account says I have to go to the banks for info and the bank said I should ask an accountant (I'm assuming maybe that means no one quite knows!). Anyways, here is the basic info (I can go more indepth if you need): 1. I am a sports coach that is paid through a 1099 2. Given Covid19 right now no one is ont he fields so I applied for and received PPP (whewww) 3. I moved it in to it's own separate account so the government can see where the money is coming from and will be keeping records on when I make payments to myself. Questions: 1. It does NOT look like this money is taxable income? Does that mean that when I go to file taxes next year it will not show up on my INCOME taxes? I ask this because as a 1099 I pay quarterly and I need to make sure I save a certain amount. 2. Over the next 8 weeks I should use more than 75% for payroll which will forgive the loan in its entirity, correct? If not, one thing I have read is to give myself a "bonus"... Is their a way I should calculate? Thanks in advance all... if anyone needs soccer help with their kids I'm your guy... if they need math... not so much!
