As you likely know, the Paycheck Protection Program (PPP) works along these lines for the partnership.
I’m from the government, and I want to give your partnership $40,000 today, with one string attached.
Within two years, your partnership has to pay me $10,000. The partnership pockets the $30,000 ($40,000 - $10,000). Is your partnership in?
Question: Would your partnership like to keep the entire $40,000? Yes, you say. Here’s how: simply use the $10,000 to pay business interest, rent, and utilities during the eight-week covered period (which is now increased to 24 weeks thanks to the newly enacted Paycheck Protection Program Flexibility Act of 2020).
This is the way the PPP make-a-deal program works for partnerships. In this article, you will find six insights into this automatic cash program that will help you obtain the money and qualify for loan forgiveness. ... Log in to view full article.