COVID-19 PPP Loan Forgiveness Webinar and Update for Self-Employed Individuals.

Prepared by our Seattle Latino Chamber Lawyer: Jeff Liang (www.ling-liang.com)

A MUST see guide to the SBA CARE act application process .

1. PPP Loan Forgiveness Webinar.  Here’s a link to the PPP Loan Forgiveness Webinar recorded May 9:

Part 1: https://youtu.be/yKk446e_0xc

Part 2 (Self-Employed): https://youtu.be/c3nyLNjFIbo

2. PPP Step-By-Step Guide (Recorded 4/25/20). Here’s a link to the Step-By-Step Guide: https://youtu.be/YKDhKKzZles

3. UPDATE FOR SELF-EMPLOYED INDIVIDUALS.  I am making a correction for self-employed individuals (Hat Tip to James Jantos for pointing out the correction).

The update is that the Max Net Profit Replacement is 8/52nds of what self-employed individuals report on Line 31 of your 2019 Schedule C.  I previously said it was 8/52nds of your PPP loan amount which is incorrect. See the Part 2 video under the PPP Loan Forgiveness Webinar above.  This update means that self-employed can take a significant amount of the PPP loan as Net Profit Replacement.

In addition, I updated the slide deck for the Step-By-Step Guide to replace the slides covering Self-Employed Loan Forgiveness as well (see attached).

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