Paycheck Protection Program (1 Viewer)

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
 

Can someone tell me if I’m reading this correctly?

My wife is her own LLC and is a therapist. She’s been doing teletherapy these past few weeks but is doing it just to keep patients on track, not getting paid.  If I’m reading this correctly, she can fill an application out here and as long as she uses the money to pay herself her usual salary during “normal times,” then it’s forgiven?  If it were a true low interest loan I wouldn’t even bother, but this is essentially free money if it’s used correctly, right?

Have you checked out the Small Business Support Group thread? There is a lot of good information in that thread and some posters who are very knowledgeable about these programs. I think you are essentially correct in your thinking but I don't know nearly as much as the posters in that thread. I'd suggest reading through the posts there and if you don't find your answer then ask and I am sure someone will be able to help you. 

https://forums.footballguys.com/forum/topic/784469-small-business-support-group/

bigmarc27 said:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
 

Can someone tell me if I’m reading this correctly?

My wife is her own LLC and is a therapist. She’s been doing teletherapy these past few weeks but is doing it just to keep patients on track, not getting paid.  If I’m reading this correctly, she can fill an application out here and as long as she uses the money to pay herself her usual salary during “normal times,” then it’s forgiven?  If it were a true low interest loan I wouldn’t even bother, but this is essentially free money if it’s used correctly, right?

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Correct. And she can take the free money regardless of whether she's getting paid right now or not.

bigmarc27 said:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
 

Can someone tell me if I’m reading this correctly?

My wife is her own LLC and is a therapist. She’s been doing teletherapy these past few weeks but is doing it just to keep patients on track, not getting paid.  If I’m reading this correctly, she can fill an application out here and as long as she uses the money to pay herself her usual salary during “normal times,” then it’s forgiven?  If it were a true low interest loan I wouldn’t even bother, but this is essentially free money if it’s used correctly, right?

Click to expand...

The thread/discussion Byoder linked to is the best resource here on the board and there are some extremely knowledgeable and helpful posters in there.  I will just say, from my personal experience, your best resource in this (other than your own work informing yourself) will be your bank or accountant.  These seem to be the professionals who are most on top of this cluster####.  If you have a good existing banking relationship, now's the time to use it. 

GL 

Your wife is worthy of respect that in this difficult time she managed to support not only her family but also her patients. For people, such support, even online, is very important. I can't tell you anything about taxes, I don't really understand them myself . Previously, I trusted the registration of all necessary tax documents to the employer. Then there were problems and I created a simple Excel table where I record all my monetary transactions. Once a year, I order all the necessary tax forms online through ThePayStubs. Maybe this will help you somehow.