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Self-employed workers can now receive up to 100% forgiveness on PPP loans.
Any amount forgiven is recorded as gain from extinguishment/forgiveness of debt once legally released from being the primary obligor. Gain from forgiveness is presented on its own line in the income statement as other income or operating income (since location is not specified by US GAAP).
Federal payroll tax filings (IRS Form 941) Income, payroll, and unemployment insurance filings from your state. Receipts for employer contributions to group benefit plans. Receipts for any retirement plan contributions.
PPP borrowers are eligible for forgiveness in an amount equal to the sum of their eligible expenses during their chosen 8-week to 24-week Covered Period. To be considered for full forgiveness, borrowers must use at least 60% of their loan proceeds on payroll costs.
Federal payroll tax filings (IRS Form 941) Income, payroll, and unemployment insurance filings from your state. Receipts for employer contributions to group benefit plans. Receipts for any retirement plan contributions.