USA Sports Coach + PPP

[Coach1556]

Hi All,

First time poster so PLEASE go easy on me. I have looked through the forum here and it seems like a wealth of knowledge (insert butt kissing emoji). I am looking for a little info on PPP. My account says I have to go to the banks for info and the bank said I should ask an accountant (I'm assuming maybe that means no one quite knows!). Anyways, here is the basic info (I can go more indepth if you need):

1. I am a sports coach that is paid through a 1099
2. Given Covid19 right now no one is ont he fields so I applied for and received PPP (whewww)
3. I moved it in to it's own separate account so the government can see where the money is coming from and will be keeping records on when I make payments to myself.

Questions:
1. It does NOT look like this money is taxable income? Does that mean that when I go to file taxes next year it will not show up on my INCOME taxes? I ask this because as a 1099 I pay quarterly and I need to make sure I save a certain amount.
2. Over the next 8 weeks I should use more than 75% for payroll which will forgive the loan in its entirity, correct? If not, one thing I have read is to give myself a "bonus"... Is their a way I should calculate?

Thanks in advance all... if anyone needs soccer help with their kids I'm your guy... if they need math... not so much!

 

[Werner Reisacher]

The money you received under this program is either a repayable loan or a forgivable grant.
You can use these funds as a substitute for "the $ amount of the payroll payments you would have received during a period of 8 weeks" The total amount must be at least 75% of the total amount of the funds you received. The payroll you have lost is computed based on your 2019 tax filing.
Sorry, there is nothing like a Bonus under this program.
You will find all further details if you google "PPE loan self-employed SBA"
Stay safe and keep your legs in shape.