TaxmannEA Posted January 13, 2021 Report Share Posted January 13, 2021 We have a client who is interested in applying for the second round of PPP loans. He had received an amount in the first round and has been forgiven. The problem is that he changed from a sole proprietor to a corporation as of 7/1/20. So when he would compare income for 2019 and 2020, the business would not be the same type. Nothing changes other than the structure. He still owns and operates the business, has the same employees, etc. Does this change disqualify him from the program ? My co-worker asked me about this and I'm not sure. I would really appreciate input on this from those of you who know more than me about this program. Quote Link to comment Share on other sites More sharing options...
Lee B Posted January 14, 2021 Report Share Posted January 14, 2021 I think the SBA 's FAQs may address this issue. Quote Link to comment Share on other sites More sharing options...
TaxmannEA Posted January 14, 2021 Author Report Share Posted January 14, 2021 Thanks cbslee. I missed that when I was looking earlier. Quote Link to comment Share on other sites More sharing options...
TMM Posted February 3, 2021 Report Share Posted February 3, 2021 On 1/13/2021 at 7:14 PM, cbslee said: Any chance you can provide a link to which FAQ the SBA guidance to this question can be found? Quote Link to comment Share on other sites More sharing options...
Lee B Posted February 3, 2021 Report Share Posted February 3, 2021 See current FAQ # 38 Quote Link to comment Share on other sites More sharing options...
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