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Thistle13
Level 2

PPP question for new payroll

My S Corp company has been running since 2010 but always with freelance workers (1099) and I paid myself at the end of the year with an owners draw. Finally in January 2020, I hired someone full time, and decided to put myself on payroll.  Got the workman's comp, and health insurance..but only started payroll in quickbooks for Mar 1. We all know what has happened since then :(. Citibank small business who I've been with since the beginning just rejected me because I didn't have enough documentation. PPP forms asked for backup for January and February.  I sent them the 941, but that was not enough. What do I do now? Do I try a smaller bank? Can I input the salaries for January and February retroactively...or in the words of Charlie Brown, am I getting a rock.

1 Comment 1
Anna S
QuickBooks Team

PPP question for new payroll

Hello, @Thistle13.

 

I'm happy to provide you with more information about the PPP loan process.

 

Lenders (in your case, Citibank) will determine if a business was operating as of February 14, 2020, and if it was paying employees on that date. Proof of your payroll costs is the most significant factor in determining the size of your loan. This calculation includes full-time and part-time employees and independent contractors paid through 1099s. You can check out this article about the Paycheck Protection Program for more information.

 

Feel free to reply below if you have any further questions. I'm always here to lend a helping hand.

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