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PPP FAQ’s On Owners & Non-payroll costs.

On Thursday August 27, 2020 the Treasury department issued further guidance about PPP Forgiveness that may impact you. The guidance included FAQ’s that relate to owners and non-payroll costs.

PPP FAQ's

To summarize and put it in simpler terms they stated the following:

  1. Owner-employees (S-Corp/C-Corp) – Are not subject to the Owner Limitations if they have less than a 5% ownership.
  2. Home-based businesses –  No household expenses are eligible for PPP Loan Forgiveness.
  3. Shared business operations – Subleasing part of your business space to another tenant requires the rent, mortgage interest, and utilities to be prorated by the percent of space used.
  4. Self-Rentals (or renting from a related party) – The amount of rent/lease eligible for forgiveness cannot be greater than the mortgage interest that is paid during the loan covered period. Lenders will be required to have Mortgage Interest Statements and the mortgage must have been in place prior to 2/15/20.

You can check out the full FAQ’s here

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Justice Bragg

Business Development Specialist

At work, Justice is passionate about helping the team make decisions and connections that propel the business forward. He prioritizes client satisfaction by serving as a medium to facilitate communication to the proper channels making sure every issue is properly addressed.

Outside of work, Justice enjoys exercising by going to the gym and playing pickleball with his friends. He is a self-proclaimed foodie who can’t say no to trying a new restaurant, sometimes even immediately regretting it.

Zachary Williams

Staff Accountant

At Level Accounting, Zach is responsible for bookkeeping & payroll. He is dedicated to ensuring financial success for our clients.

Beyond the office walls, Zach’s weekends are filled with adventure, whether he’s exploring Florida’s hidden gems with his wife or battling it out in tournaments. When it’s time to unwind, you’ll find him at the movies or casting his line out for a relaxing fishing session.

Melanie Jerome, MBA

SENIOR STAFF ACCOUNTANT

Meet Melanie J, one of our senior staff accountants! Melanie ensures your financial health with precision and expertise. Beyond the office, she’s a true crime enthusiast who loves traveling and outdoor adventures. Whether she’s balancing books or exploring new trails, MJ’s dedication and skill set the standard for excellence in our team.