UPDATE: PPP2 and Partnership Income

We have noted that in some 2nd round Paycheck Protection Program (PPP2) applications for partnerships filers, are needing to be updated due to the self-employment calculation for the partners amount to be used in the payroll calculation. 

Please be aware that the Gross self-employment income amount needs to be multiplied by 0.9235 to calculate the eligible amount for the partner to be used in the wage calculation.

pdfPPP2-Partnership-Calculations.pdf Please see attached for detailed instructions from the SBA regarding Partners’ self-employment income.

Please reach out to Andrew Dengel at (920) 921-3356 or awd@constcpa.com  should you have any questions or would like assistance applying.