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Call or text 929 290 8609 me, Thomas McGovern, MBA, CVA for a free consultation in reference to the PPP loans

As of January 17, 2021o2019 employer contributions to employee retirement plans (IRS Form 1040 Schedule C line 19);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).•Step 2: Calculate the average monthly payroll costs amount (divide the amount from Step 1 by12).•Step 3: Multiplythe average monthly payroll costs amount from Step 2 by2.5.•Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).Your 2019 IRS Form 1040 Schedule C, IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements), along with documentation of any retirement or group health,life, disability, vision, and dentalcontributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date.3.Question: I am a self-employed farmer or rancherwho reports my income on IRS Form 1040 Schedule F. What documentation must I provide in place of Schedule C and howshould my maximum loan amount be determined (up to $10million)?Answer: Self-employed farmers and ranchers (i.e., those who report their net farm profit on IRS Form 1040 Schedule 1 and Schedule F) should use IRS Form 1040 Schedule F in lieu of Schedule C. The calculation for self-employed farmers and ranchers without employees is the same as for Schedule C filers that have no employees, except that Schedule F line 9 (gross income)should be used to determine the loan amount rather thanSchedule C line 31 (net profit).The calculation for self-employed farmers and ranchers with employees is the same as for Schedule C filers that have employees with severalexceptions. First, in place of Schedule C line 31 (net profit),the difference between Schedule F line 9 (gross income)and the sum of Schedule F lines 15, 22, and 23(for employee payroll) should be used. Second,employer contributions for employee group health, life, disability, vision and dental insurance (portion of Schedule F line 15 attributable to those contributions)and employer contributions for employee retirement contributions (Schedule F line 23)should be used in place of those respective lines on Schedule C.Thedocumentation requirements are the same as for Schedule C filers except the 2019

As of January 17, 2021IRS Form 1040 Schedule 1 and Schedule F must be included with the loan application in place of IRS Form 1040 Schedule C. Additionally, for farmers and rancherswith employees, IRS Form 943 should be provided in addition to, or in place of, IRS Form 941, as applicable.4.Question: How do partnerships apply for PPP loans,and how is the maximum First Draw PPPLoan amount calculated for partnerships (up to $10 million)? Should partners’ self-employment income be included on the business entity level PPP loan application or on separate PPP loan applications for each partner? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for partnerships (partners’ self-employment income should be included on the partnership’s PPP loan application;individual partners may not apply for separate PPP loans):•Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 Schedule K-1 (IRS Form 1065) Net earnings from self-employment of individual U.S.-based general partners that are subject to self-employment tax, multiplied by 0.9235,5up to $100,000 per partner:6•Compute the net earningsfrom self-employment of individual U.S.-based general partner that are subject to self-employment tax from box 14a of IRS Form 1065 Schedule K-1 and subtract (i) any section 179 expense deduction claimed in box 12; (ii) any unreimbursed partnership expenses claimed; and (iii) any depletion claimed on oil and gas properties;•if this amount is over $100,000, reduce it to $100,000; •if this amount is less than zero, set this amount atzero;o2019 gross wages and tips paid to employees whose principal place of residence is in the United States(if any), up to $100,000 per employee, which can be computed using:•2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter, •Plusany pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips,and •Minus any amounts paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal5This treatment follows the computation of self-employment tax from IRS Form 1040 Schedule SE Section A line 4 and removes the “employer” share of self-employment tax, consistent with how payroll costs for employees in the partnership are determined.6If the partnership is using 2020 payroll costs and the Form 1065 for 2020 has not yet been completed, fill out the form.

As of January 17, 2021place of residence is outside theUnited States;o2019 employer contributions for employee (but not partner)group health, life, disability, vision, and dental insurance, if any (portion of IRS Form 1065 line 19 attributable to those contributions);o2019employer contributions to employee (but not partner) retirement plans, if any (IRS Form 1065 line 18);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms), ifany.•Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).•Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.•Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).The partnership’s 2019 IRS Form 1065 (including K-1s) must be provided to substantiate the applied-for First Draw PPP Loan amount. If the partnership has employees,other relevant supporting documentation, including the 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements) along with records of any retirement or group health, life, disability, vision, and dentalinsurance contributionsmust also be provided to substantiate the First Draw PPP Loan amount. If the partnership has employees, a payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish the partnership was in operation and had employees on that date. If the partnership has no employees, an invoice, bank statement, or book of record establishing the partnership was in operation on February 15, 2020 must instead be provided.5.Question: How is the maximum First Draw PPP Loan amount calculated for S corporations and C corporations (up to $10 million)? (Note that PPP loan forgiveness amountswilldepend, in part, on the total amount spent during the coveredperiod following disbursement of the PPP loan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for corporations, including S and C corporations:•Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:•2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-

As of January 17, 2021column 1) from each quarter,•Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips,•Minus (i) any amounts paid to any individual employee in excess of $100,000, and (ii) any amounts paid to any employee whose principal place of residence is outside theUnited States;o2019 employer group health, life, disability, vision, and dental insurance contributions (portion of IRS Form 1120 line 24 or IRS Form 1120-S line 18 attributable to those contributions);7o2019 employer retirement contributions (IRS Form 1120 line 23 or IRS Form 1120-S line 17);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).•Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).•Step 3: Multiply the average monthly payroll costs from Step 2 by2.5•Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The corporation’s 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements), along with the filed business tax return (IRS Form 1120 or IRS 1120-S) or other documentation of any retirement and group health, life, disability, vision, and dentalinsurance contributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date.6.Question: How is the maximum First Draw PPP Loan amount calculated for eligible nonprofit organizations(up to $10 million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for eligible nonprofit organizations (eligible nonprofit religious institutionsor othereligible nonprofits without an IRSForm 990 filing requirement, see 7Note that employer contributions for group health, life, disability, vision, and dental insurance for S-Corporation employees who own more than a 2 percent stake in the business (or employees who are family members of such owners) are not included in this figure as such contributions are already included in gross wages.

As of January 17, 2021the next question):•Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:•2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter,•Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, and•Minus(i) any amounts paid to any individual employee in excess of $100,000,and (ii)any amounts paid to any employee whose principal place of residence is outside theU.S.;o2019 employer group health, life, disability, vision, and dental insurance contributions (portion of IRS Form 990 Part IX line 9 attributable to those contributions);o2019 employer retirement contributions (IRS Form 990 Part IX line 8);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).•Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).•Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.•Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek torefinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The nonprofit organization’s 2019 IRS Form 941 and state quarterly wageunemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements), along with the filed IRS Form 990 Part IX or other documentation of any retirement and group health, life, disability, vision, and dentalinsurance contributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date. Eligible nonprofits that file IRS Form 990-EZ should rely on that form and those that do not file an IRS Form 990or 990-EZ, typically those with gross receipts less than $50,000, should see the nextquestion.7.Question: How is the maximum First Draw PPP Loan amount calculated for eligible nonprofit religious institutions, veterans organizations, and tribal businesses (up to $10

As of January 17, 2021million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amountspent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for eligible nonprofit religious institutions, veterans organizations and tribal businesses:•Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:•2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter,•Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, and•Minus(i) any amounts paid to any individual employee in excess of $100,000,and (ii)any amounts paid to any employee whose principal place of residence is outside theUnited States;o2019 employer group health, life, disability, vision, and dental insurance contributions;o2019 employer retirement contributions;ando2019 employer state andlocal taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).•Step 2:Calculate the average monthly payroll costs (divide the amount from Step 1 by 12).•Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.•Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The entity’s 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records orIRS Wage and Tax Statements), along with documentation of any retirement and group health, life, disability, vision, and dentalinsurancecontributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date.

As of January 17, 20218.Question: I am an LLC owner. Which set of instructions appliestome?Answer: LLCs should follow the instructions that apply to their tax filing status inthe reference period used to calculate payroll costs (2019 or 2020)—i.e.,whether the LLCfiled (or will file) as a sole proprietor, a partnership, or a corporationin the reference period.9.Question: What other documentation can an applicantprovide for the purpose of substantiating payroll costs used to calculate the applied-for FirstDraw PPP Loanamount?Answer: An applicant may provide IRS Form W-2s and IRS Form W-3 or payroll processor reports, including quarterly and annual tax reports, in lieuof IRS Form 941. Additionally, very small businesses that file an annual IRS Form 944 or agricultural employers that file an annual IRS Form 943should rely on and provide IRS Form 944 or IRS Form 943 in lieu of IRS Form 941. An applicant may providerecords from a retirement administrator to document employer retirement contributions. An applicant may also providerecords from a health insurance company or third-party administrator for a self-insured plan todocument employer health insurance contributions.10.Question:I am a corporation or nonprofit and was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019. What reference period should I be using to compute my First Draw PPP Loan amount?Answer: In this case, you may choose one of two ways to calculate your First Draw PPP Loan amount. The first option is for borrowers to follow the applicable instructions in Questions 5, 6, 7 and use payroll information for all of 2020 instead of 2019. The second option is for borrowers to calculate their loan amount using their average monthly payroll costs incurred in January and February 2020. For borrowers choosing the second option, the following methodology should be used to calculate the maximum amount that you can borrow:•Step 1: Compute January and February 2020 payroll costs by adding thefollowing:oGross pay to employees for those two months whose principal place of residence is in the United States, up to $16,667 per employee;oEmployer group health, life, disability, vision, and dental insurance contributions for those two months;oEmployer retirement contributions for those two months;andoEmployer state and local taxes assessed on employee compensationfor those two months, primarily state unemployment insurance tax.•Step 2: Calculate the average monthly payroll costs (divide the amount from Step 1 by 2).

As of January 17, 2021•Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.•Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance. Do not include the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).If you choose the second option, you must provide payroll records from January and February 2020, your IRS Form 941 for the first quarter of 2020, and documentation of any employer retirement andgroup health, life, disability, vision, and dental insurance contributionsfrom that period.11.Question:I am self-employed (or a partnership) and was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019. I have filed orwill file a Form 1040 Schedule C or Schedule F (or Form 1065) for 2020. What reference period should I be using to compute my FirstDraw PPP Loan amount? Answer:In this case, you may choose one of two waysto calculate your First Draw PPP Loan amount. The first option is for borrowers to follow the applicableinstructions in Question 1 through 4and usepayroll information for all of 2020instead of 2019. The second option is for borrowers to calculate their loan amount using their average monthly payroll costs incurred in January and February 2020. For borrowers choosing the second option, thefollowing methodology should be used by Schedule C filers to calculate the maximum amount that you can borrow:•Step 1:Fill out an IRS Form 1040 Schedule C for January and February 2020.The entries on the schedule must reflect all business income and expenses from those two months, with the exception that on Schedule C line 13:oyou must include only 1/6 of the amount of any annual depreciation and section 179 expense deduction attributable to investment made in those months, andoyou must include 1/6 of the amount of the 2020 depreciation deduction attributable to investment made in prior years.•Step 2: Take the net profit amount for January and February on Schedule C line 31. oIf this amount is more than $16,667 for the two months combined, set it to $16,667.oIf this amount is less than 0for the two months combined, set it to 0.•Step 3: If you have employees, add your employee payroll costs for January and February 2020 to the result in Step 2. Only include payroll costs for those employees whose principal place of residence is in the United States and up to $16,667 of gross payper employee.•Step 4: Divide the total by 2, and then multiply it by 2.5.

As of January 17, 2021•Step 5:Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).Your IRS Form 1040 Schedule C as completed must be provided to your lender when you apply for a PPP loan. This information should be consistent with what you will submit to the IRS and must be true and accurate in all material respects. You must also supply bank statements from your business account(s) for the months of January and February 2020 to substantiate your net profit amount from Schedule C. If you have employees, you also must provide payroll records from those two months,your IRS Form 941 for the first quarter of 2020, and documentation of any employer retirement and group health, life, disability, vision, and dental insurance contributionsmade on behalf of employees.Schedule F filers should use the same methodology as above but complete a Schedule F in Step 1 and replace net profit fromStep 2 withthe gross income amount on Schedule F line 9 (if no employees) or the difference between the gross profit amount on Schedule F line 9 and employee payroll costs from the sum of Schedule F lines 15, 22, and 23 (if you have employees).Documentation requirements are the same as above except Schedule F as completed must be provided in place of Schedule C.Partnerships should use the same methodology as above but complete a Form 1065 in Step 1 and replace net profit from Step 2 with the net earnings from self-employment for eachindividual U.S.-based general partners(the difference betweenbox 14a of IRS Form 1065 K-1 and the sum of (i) any section 179 expense deduction claimed in box 12; (ii) any unreimbursed partnership expenses claimed; and (iii) any depletion claimed on oil and gas properties)multiplied 0.9235.Documentation requirements are the same as above except Form 1065 as completed must be provided in place of Schedule C.12.Question: In addition to pre-tax employee contributions for health insurance, what are the other pre-tax employee contributions for fringe benefits that may have been excluded from IRS Form 941 Taxable Medicare wages & tips that is part of employee gross pay?Answer:Employee contributions and deductions from pay for flexible spending arrangements(FSA)or other nontaxable benefits under a section 125 cafeteria plan, qualified transit or parking benefits (up to $270 a month), and group life insurance (for up to $50,000 of coverage) may have been excluded from IRS Form 941 Taxable Medicare wages & tips. However, pre-tax employee contributions to retirement plans are included in Taxable Medicare wages & tips and should not be added to that figure to arrive at gross pay.13.Question: How should a borrower account for federal taxes when determining its payroll costs for purposes of the maximum loan amount, allowable uses of a PPP loan, and the amount of a loan that may be forgiven?

As of January 17, 2021IRS Form 1040 Schedule 1 and Schedule F must be included with the loan application in place of IRS Form 1040 Schedule C. Additionally, for farmers and rancherswith employees, IRS Form 943 should be provided in addition to, or in place of, IRS Form 941, as applicable.4.Question: How do partnerships apply for PPP loans,and how is the maximum First Draw PPPLoan amount calculated for partnerships (up to $10 million)? Should partners’ self-employment income be included on the business entity level PPP loan application or on separate PPP loan applications for each partner? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for partnerships (partners’ self-employment income should be included on the partnership’s PPP loan application;individual partners may not apply for separate PPP loans):Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 Schedule K-1 (IRS Form 1065) Net earnings from self-employment of individual U.S.-based general partners that are subject to self-employment tax, multiplied by 0.9235,5up to $100,000 per partner:6Compute the net earningsfrom self-employment of individual U.S.-based general partner that are subject to self-employment tax from box 14a of IRS Form 1065 Schedule K-1 and subtract (i) any section 179 expense deduction claimed in box 12; (ii) any unreimbursed partnership expenses claimed; and (iii) any depletion claimed on oil and gas properties;if this amount is over $100,000, reduce it to $100,000; if this amount is less than zero, set this amount atzero;o2019 gross wages and tips paid to employees whose principal place of residence is in the United States(if any), up to $100,000 per employee, which can be computed using:2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter, Plusany pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips,and Minus any amounts paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal5This treatment follows the computation of self-employment tax from IRS Form 1040 Schedule SE Section A line 4 and removes the “employer” share of self-employment tax, consistent with how payroll costs for employees in the partnership are determined.6If the partnership is using 2020 payroll costs and the Form 1065 for 2020 has not yet been completed, fill out the form.

As of January 17, 2021place of residence is outside theUnited States;o2019 employer contributions for employee (but not partner)group health, life, disability, vision, and dental insurance, if any (portion of IRS Form 1065 line 19 attributable to those contributions);o2019employer contributions to employee (but not partner) retirement plans, if any (IRS Form 1065 line 18);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms), ifany.Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).The partnership’s 2019 IRS Form 1065 (including K-1s) must be provided to substantiate the applied-for First Draw PPP Loan amount. If the partnership has employees,other relevant supporting documentation, including the 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements) along with records of any retirement or group health, life, disability, vision, and dentalinsurance contributionsmust also be provided to substantiate the First Draw PPP Loan amount. If the partnership has employees, a payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish the partnership was in operation and had employees on that date. If the partnership has no employees, an invoice, bank statement, or book of record establishing the partnership was in operation on February 15, 2020 must instead be provided.5.Question: How is the maximum First Draw PPP Loan amount calculated for S corporations and C corporations (up to $10 million)? (Note that PPP loan forgiveness amountswilldepend, in part, on the total amount spent during the coveredperiod following disbursement of the PPP loan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for corporations, including S and C corporations:Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-

As of January 17, 2021column 1) from each quarter,Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips,Minus (i) any amounts paid to any individual employee in excess of $100,000, and (ii) any amounts paid to any employee whose principal place of residence is outside theUnited States;o2019 employer group health, life, disability, vision, and dental insurance contributions (portion of IRS Form 1120 line 24 or IRS Form 1120-S line 18 attributable to those contributions);7o2019 employer retirement contributions (IRS Form 1120 line 23 or IRS Form 1120-S line 17);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).Step 3: Multiply the average monthly payroll costs from Step 2 by2.5Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The corporation’s 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements), along with the filed business tax return (IRS Form 1120 or IRS 1120-S) or other documentation of any retirement and group health, life, disability, vision, and dentalinsurance contributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date.6.Question: How is the maximum First Draw PPP Loan amount calculated for eligible nonprofit organizations(up to $10 million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for eligible nonprofit organizations (eligible nonprofit religious institutionsor othereligible nonprofits without an IRSForm 990 filing requirement, see 7Note that employer contributions for group health, life, disability, vision, and dental insurance for S-Corporation employees who own more than a 2 percent stake in the business (or employees who are family members of such owners) are not included in this figure as such contributions are already included in gross wages.

As of January 17, 2021the next question):Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter,Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, andMinus(i) any amounts paid to any individual employee in excess of $100,000,and (ii)any amounts paid to any employee whose principal place of residence is outside theU.S.;o2019 employer group health, life, disability, vision, and dental insurance contributions (portion of IRS Form 990 Part IX line 9 attributable to those contributions);o2019 employer retirement contributions (IRS Form 990 Part IX line 8);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek torefinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The nonprofit organization’s 2019 IRS Form 941 and state quarterly wageunemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements), along with the filed IRS Form 990 Part IX or other documentation of any retirement and group health, life, disability, vision, and dentalinsurance contributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date. Eligible nonprofits that file IRS Form 990-EZ should rely on that form and those that do not file an IRS Form 990or 990-EZ, typically those with gross receipts less than $50,000, should see the nextquestion.7.Question: How is the maximum First Draw PPP Loan amount calculated for eligible nonprofit religious institutions, veterans organizations, and tribal businesses (up to $10

As of January 17, 2021million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amountspent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for eligible nonprofit religious institutions, veterans organizations and tribal businesses:Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter,Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, andMinus(i) any amounts paid to any individual employee in excess of $100,000,and (ii)any amounts paid to any employee whose principal place of residence is outside theUnited States;o2019 employer group health, life, disability, vision, and dental insurance contributions;o2019 employer retirement contributions;ando2019 employer state andlocal taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).Step 2:Calculate the average monthly payroll costs (divide the amount from Step 1 by 12).Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The entity’s 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records orIRS Wage and Tax Statements), along with documentation of any retirement and group health, life, disability, vision, and dentalinsurancecontributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date.

As of January 17, 20218.Question: I am an LLC owner. Which set of instructions appliestome?Answer: LLCs should follow the instructions that apply to their tax filing status inthe reference period used to calculate payroll costs (2019 or 2020)i.e.,whether the LLCfiled (or will file) as a sole proprietor, a partnership, or a corporationin the reference period.9.Question: What other documentation can an applicantprovide for the purpose of substantiating payroll costs used to calculate the applied-for FirstDraw PPP Loanamount?Answer: An applicant may provide IRS Form W-2s and IRS Form W-3 or payroll processor reports, including quarterly and annual tax reports, in lieuof IRS Form 941. Additionally, very small businesses that file an annual IRS Form 944 or agricultural employers that file an annual IRS Form 943should rely on and provide IRS Form 944 or IRS Form 943 in lieu of IRS Form 941. An applicant may providerecords from a retirement administrator to document employer retirement contributions. An applicant may also providerecords from a health insurance company or third-party administrator for a self-insured plan todocument employer health insurance contributions.10.Question:I am a corporation or nonprofit and was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019. What reference period should I be using to compute my First Draw PPP Loan amount?Answer: In this case, you may choose one of two ways to calculate your First Draw PPP Loan amount. The first option is for borrowers to follow the applicable instructions in Questions 5, 6, 7 and use payroll information for all of 2020 instead of 2019. The second option is for borrowers to calculate their loan amount using their average monthly payroll costs incurred in January and February 2020. For borrowers choosing the second option, the following methodology should be used to calculate the maximum amount that you can borrow:Step 1: Compute January and February 2020 payroll costs by adding thefollowing:oGross pay to employees for those two months whose principal place of residence is in the United States, up to $16,667 per employee;oEmployer group health, life, disability, vision, and dental insurance contributions for those two months;oEmployer retirement contributions for those two months;andoEmployer state and local taxes assessed on employee compensationfor those two months, primarily state unemployment insurance tax.Step 2: Calculate the average monthly payroll costs (divide the amount from Step 1 by 2).

As of January 17, 2021Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance. Do not include the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).If you choose the second option, you must provide payroll records from January and February 2020, your IRS Form 941 for the first quarter of 2020, and documentation of any employer retirement andgroup health, life, disability, vision, and dental insurance contributionsfrom that period.11.Question:I am self-employed (or a partnership) and was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019. I have filed orwill file a Form 1040 Schedule C or Schedule F (or Form 1065) for 2020. What reference period should I be using to compute my FirstDraw PPP Loan amount? Answer:In this case, you may choose one of two waysto calculate your First Draw PPP Loan amount. The first option is for borrowers to follow the applicableinstructions in Question 1 through 4and usepayroll information for all of 2020instead of 2019. The second option is for borrowers to calculate their loan amount using their average monthly payroll costs incurred in January and February 2020. For borrowers choosing the second option, thefollowing methodology should be used by Schedule C filers to calculate the maximum amount that you can borrow:Step 1:Fill out an IRS Form 1040 Schedule C for January and February 2020.The entries on the schedule must reflect all business income and expenses from those two months, with the exception that on Schedule C line 13:oyou must include only 1/6 of the amount of any annual depreciation and section 179 expense deduction attributable to investment made in those months, andoyou must include 1/6 of the amount of the 2020 depreciation deduction attributable to investment made in prior years.Step 2: Take the net profit amount for January and February on Schedule C line 31. oIf this amount is more than $16,667 for the two months combined, set it to $16,667.oIf this amount is less than 0for the two months combined, set it to 0.Step 3: If you have employees, add your employee payroll costs for January and February 2020 to the result in Step 2. Only include payroll costs for those employees whose principal place of residence is in the United States and up to $16,667 of gross payper employee.Step 4: Divide the total by 2, and then multiply it by 2.5.

As of January 17, 2021Step 5:Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).Your IRS Form 1040 Schedule C as completed must be provided to your lender when you apply for a PPP loan. This information should be consistent with what you will submit to the IRS and must be true and accurate in all material respects. You must also supply bank statements from your business account(s) for the months of January and February 2020 to substantiate your net profit amount from Schedule C. If you have employees, you also must provide payroll records from those two months,your IRS Form 941 for the first quarter of 2020, and documentation of any employer retirement and group health, life, disability, vision, and dental insurance contributionsmade on behalf of employees.Schedule F filers should use the same methodology as above but complete a Schedule F in Step 1 and replace net profit fromStep 2 withthe gross income amount on Schedule F line 9 (if no employees) or the difference between the gross profit amount on Schedule F line 9 and employee payroll costs from the sum of Schedule F lines 15, 22, and 23 (if you have employees).Documentation requirements are the same as above except Schedule F as completed must be provided in place of Schedule C.Partnerships should use the same methodology as above but complete a Form 1065 in Step 1 and replace net profit from Step 2 with the net earnings from self-employment for eachindividual U.S.-based general partners(the difference betweenbox 14a of IRS Form 1065 K-1 and the sum of (i) any section 179 expense deduction claimed in box 12; (ii) any unreimbursed partnership expenses claimed; and (iii) any depletion claimed on oil and gas properties)multiplied 0.9235.Documentation requirements are the same as above except Form 1065 as completed must be provided in place of Schedule C.12.Question: In addition to pre-tax employee contributions for health insurance, what are the other pre-tax employee contributions for fringe benefits that may have been excluded from IRS Form 941 Taxable Medicare wages & tips that is part of employee gross pay?Answer:Employee contributions and deductions from pay for flexible spending arrangements(FSA)or other nontaxable benefits under a section 125 cafeteria plan, qualified transit or parking benefits (up to $270 a month), and group life insurance (for up to $50,000 of coverage) may have been excluded from IRS Form 941 Taxable Medicare wages & tips. However, pre-tax employee contributions to retirement plans are included in Taxable Medicare wages & tips and should not be added to that figure to arrive at gross pay.13.Question: How should a borrower account for federal taxes when determining its payroll costs for purposes of the maximum loan amount, allowable uses of a PPP loan, and the amount of a loan that may be forgiven?

As of January 17, 2021o2019 employer contributions to employee retirement plans (IRS Form 1040 Schedule C line 19);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).Step 2: Calculate the average monthly payroll costs amount (divide the amount from Step 1 by12).Step 3: Multiplythe average monthly payroll costs amount from Step 2 by2.5.Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).Your 2019 IRS Form 1040 Schedule C, IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements), along with documentation of any retirement or group health,life, disability, vision, and dentalcontributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date.3.Question: I am a self-employed farmer or rancherwho reports my income on IRS Form 1040 Schedule F. What documentation must I provide in place of Schedule C and howshould my maximum loan amount be determined (up to $10million)?Answer: Self-employed farmers and ranchers (i.e., those who report their net farm profit on IRS Form 1040 Schedule 1 and Schedule F) should use IRS Form 1040 Schedule F in lieu of Schedule C. The calculation for self-employed farmers and ranchers without employees is the same as for Schedule C filers that have no employees, except that Schedule F line 9 (gross income)should be used to determine the loan amount rather thanSchedule C line 31 (net profit).The calculation for self-employed farmers and ranchers with employees is the same as for Schedule C filers that have employees with severalexceptions. First, in place of Schedule C line 31 (net profit),the difference between Schedule F line 9 (gross income)and the sum of Schedule F lines 15, 22, and 23(for employee payroll) should be used. Second,employer contributions for employee group health, life, disability, vision and dental insurance (portion of Schedule F line 15 attributable to those contributions)and employer contributions for employee retirement contributions (Schedule F line 23)should be used in place of those respective lines on Schedule C.Thedocumentation requirements are the same as for Schedule C filers except the 2019
As of January 17, 2021IRS Form 1040 Schedule 1 and Schedule F must be included with the loan application in place of IRS Form 1040 Schedule C. Additionally, for farmers and rancherswith employees, IRS Form 943 should be provided in addition to, or in place of, IRS Form 941, as applicable.4.Question: How do partnerships apply for PPP loans,and how is the maximum First Draw PPPLoan amount calculated for partnerships (up to $10 million)? Should partners’ self-employment income be included on the business entity level PPP loan application or on separate PPP loan applications for each partner? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for partnerships (partners’ self-employment income should be included on the partnership’s PPP loan application;individual partners may not apply for separate PPP loans):Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 Schedule K-1 (IRS Form 1065) Net earnings from self-employment of individual U.S.-based general partners that are subject to self-employment tax, multiplied by 0.9235,5up to $100,000 per partner:6Compute the net earningsfrom self-employment of individual U.S.-based general partner that are subject to self-employment tax from box 14a of IRS Form 1065 Schedule K-1 and subtract (i) any section 179 expense deduction claimed in box 12; (ii) any unreimbursed partnership expenses claimed; and (iii) any depletion claimed on oil and gas properties;if this amount is over $100,000, reduce it to $100,000; if this amount is less than zero, set this amount atzero;o2019 gross wages and tips paid to employees whose principal place of residence is in the United States(if any), up to $100,000 per employee, which can be computed using:2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter, Plusany pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips,and Minus any amounts paid to any individual employee in excess of $100,000 and any amounts paid to any employee whose principal5This treatment follows the computation of self-employment tax from IRS Form 1040 Schedule SE Section A line 4 and removes the “employer” share of self-employment tax, consistent with how payroll costs for employees in the partnership are determined.6If the partnership is using 2020 payroll costs and the Form 1065 for 2020 has not yet been completed, fill out the form.
As of January 17, 2021place of residence is outside theUnited States;o2019 employer contributions for employee (but not partner)group health, life, disability, vision, and dental insurance, if any (portion of IRS Form 1065 line 19 attributable to those contributions);o2019employer contributions to employee (but not partner) retirement plans, if any (IRS Form 1065 line 18);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms), ifany.Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).The partnership’s 2019 IRS Form 1065 (including K-1s) must be provided to substantiate the applied-for First Draw PPP Loan amount. If the partnership has employees,other relevant supporting documentation, including the 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements) along with records of any retirement or group health, life, disability, vision, and dentalinsurance contributionsmust also be provided to substantiate the First Draw PPP Loan amount. If the partnership has employees, a payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish the partnership was in operation and had employees on that date. If the partnership has no employees, an invoice, bank statement, or book of record establishing the partnership was in operation on February 15, 2020 must instead be provided.5.Question: How is the maximum First Draw PPP Loan amount calculated for S corporations and C corporations (up to $10 million)? (Note that PPP loan forgiveness amountswilldepend, in part, on the total amount spent during the coveredperiod following disbursement of the PPP loan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for corporations, including S and C corporations:Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-
As of January 17, 2021column 1) from each quarter,Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips,Minus (i) any amounts paid to any individual employee in excess of $100,000, and (ii) any amounts paid to any employee whose principal place of residence is outside theUnited States;o2019 employer group health, life, disability, vision, and dental insurance contributions (portion of IRS Form 1120 line 24 or IRS Form 1120-S line 18 attributable to those contributions);7o2019 employer retirement contributions (IRS Form 1120 line 23 or IRS Form 1120-S line 17);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).Step 3: Multiply the average monthly payroll costs from Step 2 by2.5Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The corporation’s 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements), along with the filed business tax return (IRS Form 1120 or IRS 1120-S) or other documentation of any retirement and group health, life, disability, vision, and dentalinsurance contributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date.6.Question: How is the maximum First Draw PPP Loan amount calculated for eligible nonprofit organizations(up to $10 million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for eligible nonprofit organizations (eligible nonprofit religious institutionsor othereligible nonprofits without an IRSForm 990 filing requirement, see 7Note that employer contributions for group health, life, disability, vision, and dental insurance for S-Corporation employees who own more than a 2 percent stake in the business (or employees who are family members of such owners) are not included in this figure as such contributions are already included in gross wages.
As of January 17, 2021the next question):Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to your employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter,Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, andMinus(i) any amounts paid to any individual employee in excess of $100,000,and (ii)any amounts paid to any employee whose principal place of residence is outside theU.S.;o2019 employer group health, life, disability, vision, and dental insurance contributions (portion of IRS Form 990 Part IX line 9 attributable to those contributions);o2019 employer retirement contributions (IRS Form 990 Part IX line 8);ando2019 employer state and local taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).Step 2: Calculate the average monthly payroll costs (divide the amount from Step1 by 12).Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.Step 4: Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek torefinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The nonprofit organization’s 2019 IRS Form 941 and state quarterly wageunemployment insurance tax reporting form from each quarter (or equivalent payroll processor records or IRS Wage and Tax Statements), along with the filed IRS Form 990 Part IX or other documentation of any retirement and group health, life, disability, vision, and dentalinsurance contributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date. Eligible nonprofits that file IRS Form 990-EZ should rely on that form and those that do not file an IRS Form 990or 990-EZ, typically those with gross receipts less than $50,000, should see the nextquestion.7.Question: How is the maximum First Draw PPP Loan amount calculated for eligible nonprofit religious institutions, veterans organizations, and tribal businesses (up to $10
As of January 17, 2021million)? (Note that PPP loan forgiveness amounts will depend, in part, on the total amountspent during the coveredperiod following disbursement of the PPPloan.)Answer: The following methodology should be used to calculate the maximum amount that can be borrowed for eligible nonprofit religious institutions, veterans organizations and tribal businesses:Step 1: Compute 2019 payroll costs by adding thefollowing:o2019 gross wages and tips paid to employees whose principal place of residence is in the United States, up to $100,000 per employee, which can be computed using:2019 IRS Form 941 Taxable Medicare wages & tips (line 5c-column 1) from each quarter,Plus any pre-tax employee contributions for health insurance or other fringe benefits excluded from Taxable Medicare wages & tips, andMinus(i) any amounts paid to any individual employee in excess of $100,000,and (ii)any amounts paid to any employee whose principal place of residence is outside theUnited States;o2019 employer group health, life, disability, vision, and dental insurance contributions;o2019 employer retirement contributions;ando2019 employer state andlocal taxes assessed on employee compensation, primarily state unemployment insurance tax (from state quarterly wage reportingforms).Step 2:Calculate the average monthly payroll costs (divide the amount from Step 1 by 12).Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance.Do not includethe amount of any advance under an EIDL COVID-19loan (because it does not have to be repaid).The entity’s 2019 IRS Form 941 and state quarterly wage unemployment insurance tax reporting form from each quarter (or equivalent payroll processor records orIRS Wage and Tax Statements), along with documentation of any retirement and group health, life, disability, vision, and dentalinsurancecontributions, must be provided to substantiate the applied-for PPP loan amount. A payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation and had employees on that date.
As of January 17, 20218.Question: I am an LLC owner. Which set of instructions appliestome?Answer: LLCs should follow the instructions that apply to their tax filing status inthe reference period used to calculate payroll costs (2019 or 2020)i.e.,whether the LLCfiled (or will file) as a sole proprietor, a partnership, or a corporationin the reference period.9.Question: What other documentation can an applicantprovide for the purpose of substantiating payroll costs used to calculate the applied-for FirstDraw PPP Loanamount?Answer: An applicant may provide IRS Form W-2s and IRS Form W-3 or payroll processor reports, including quarterly and annual tax reports, in lieuof IRS Form 941. Additionally, very small businesses that file an annual IRS Form 944 or agricultural employers that file an annual IRS Form 943should rely on and provide IRS Form 944 or IRS Form 943 in lieu of IRS Form 941. An applicant may providerecords from a retirement administrator to document employer retirement contributions. An applicant may also providerecords from a health insurance company or third-party administrator for a self-insured plan todocument employer health insurance contributions.10.Question:I am a corporation or nonprofit and was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019. What reference period should I be using to compute my First Draw PPP Loan amount?Answer: In this case, you may choose one of two ways to calculate your First Draw PPP Loan amount. The first option is for borrowers to follow the applicable instructions in Questions 5, 6, 7 and use payroll information for all of 2020 instead of 2019. The second option is for borrowers to calculate their loan amount using their average monthly payroll costs incurred in January and February 2020. For borrowers choosing the second option, the following methodology should be used to calculate the maximum amount that you can borrow:Step 1: Compute January and February 2020 payroll costs by adding thefollowing:oGross pay to employees for those two months whose principal place of residence is in the United States, up to $16,667 per employee;oEmployer group health, life, disability, vision, and dental insurance contributions for those two months;oEmployer retirement contributions for those two months;andoEmployer state and local taxes assessed on employee compensationfor those two months, primarily state unemployment insurance tax.Step 2: Calculate the average monthly payroll costs (divide the amount from Step 1 by 2).
As of January 17, 2021Step 3: Multiply the average monthly payroll costs from Step 2 by2.5.Step 4: Add any outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance. Do not include the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).If you choose the second option, you must provide payroll records from January and February 2020, your IRS Form 941 for the first quarter of 2020, and documentation of any employer retirement andgroup health, life, disability, vision, and dental insurance contributionsfrom that period.11.Question:I am self-employed (or a partnership) and was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019. I have filed orwill file a Form 1040 Schedule C or Schedule F (or Form 1065) for 2020. What reference period should I be using to compute my FirstDraw PPP Loan amount? Answer:In this case, you may choose one of two waysto calculate your First Draw PPP Loan amount. The first option is for borrowers to follow the applicableinstructions in Question 1 through 4and usepayroll information for all of 2020instead of 2019. The second option is for borrowers to calculate their loan amount using their average monthly payroll costs incurred in January and February 2020. For borrowers choosing the second option, thefollowing methodology should be used by Schedule C filers to calculate the maximum amount that you can borrow:Step 1:Fill out an IRS Form 1040 Schedule C for January and February 2020.The entries on the schedule must reflect all business income and expenses from those two months, with the exception that on Schedule C line 13:oyou must include only 1/6 of the amount of any annual depreciation and section 179 expense deduction attributable to investment made in those months, andoyou must include 1/6 of the amount of the 2020 depreciation deduction attributable to investment made in prior years.Step 2: Take the net profit amount for January and February on Schedule C line 31. oIf this amount is more than $16,667 for the two months combined, set it to $16,667.oIf this amount is less than 0for the two months combined, set it to 0.Step 3: If you have employees, add your employee payroll costs for January and February 2020 to the result in Step 2. Only include payroll costs for those employees whose principal place of residence is in the United States and up to $16,667 of gross payper employee.Step 4: Divide the total by 2, and then multiply it by 2.5.
As of January 17, 2021Step 5:Add the outstanding amount of any EIDL made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid).Your IRS Form 1040 Schedule C as completed must be provided to your lender when you apply for a PPP loan. This information should be consistent with what you will submit to the IRS and must be true and accurate in all material respects. You must also supply bank statements from your business account(s) for the months of January and February 2020 to substantiate your net profit amount from Schedule C. If you have employees, you also must provide payroll records from those two months,your IRS Form 941 for the first quarter of 2020, and documentation of any employer retirement and group health, life, disability, vision, and dental insurance contributionsmade on behalf of employees.Schedule F filers should use the same methodology as above but complete a Schedule F in Step 1 and replace net profit fromStep 2 withthe gross income amount on Schedule F line 9 (if no employees) or the difference between the gross profit amount on Schedule F line 9 and employee payroll costs from the sum of Schedule F lines 15, 22, and 23 (if you have employees).Documentation requirements are the same as above except Schedule F as completed must be provided in place of Schedule C.Partnerships should use the same methodology as above but complete a Form 1065 in Step 1 and replace net profit from Step 2 with the net earnings from self-employment for eachindividual U.S.-based general partners(the difference betweenbox 14a of IRS Form 1065 K-1 and the sum of (i) any section 179 expense deduction claimed in box 12; (ii) any unreimbursed partnership expenses claimed; and (iii) any depletion claimed on oil and gas properties)multiplied 0.9235.Documentation requirements are the same as above except Form 1065 as completed must be provided in place of Schedule C.12.Question: In addition to pre-tax employee contributions for health insurance, what are the other pre-tax employee contributions for fringe benefits that may have been excluded from IRS Form 941 Taxable Medicare wages & tips that is part of employee gross pay?Answer:Employee contributions and deductions from pay for flexible spending arrangements(FSA)or other nontaxable benefits under a section 125 cafeteria plan, qualified transit or parking benefits (up to $270 a month), and group life insurance (for up to $50,000 of coverage) may have been excluded from IRS Form 941 Taxable Medicare wages & tips. However, pre-tax employee contributions to retirement plans are included in Taxable Medicare wages & tips and should not be added to that figure to arrive at gross pay.13.Question: How should a borrower account for federal taxes when determining its payroll costs for purposes of the maximum loan amount, allowable uses of a PPP loan, and the amount of a loan that may be forgiven?
Thomas McGovern, MBA, CVA
Sanjay Agrawal, President
Kedar Gupta, Director
Augustine Sampa, Director
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Notary, Notary Public, Contractor Insurance,  Corporate Formation, Advertising Agency, Marketing plans, Advertising plan, BUSINESS INSURANCE NYC,  (718) 558-5532  WE OPEN CORPORATIONS,  INCOME TAX PREPARATION, INCORORATION, NOTARY, NEW YORK CITY BUSINESS INSURANCE, BUSINESS PLANS, COMMERCIAL INSURANCE,  BUSINESS OWNER INSURANCE,TAX IDENTIFICATION NUMBERS, SALES TAX, PAYROLL TAX. LOW COST BUSINESS INSURANCE, SMALL BUSINESS INSURANCE, FREE QUOTE, 1040, IT-201,  941, 1120, 1120S, CT3M/4M,  OPENING SMALL BUSINESS IN QUEENS NY, INCORPORATING IN NEW YORK STATE, WORKERS COMPENSATION INSURANCE, PENALTIES REDUCTION, ELIMINATE FINES PENALTIES, SMALL BUSINESS INSURANCE, INCORPORATE FILING RECEIPT, EIN NUMBERS, EMPLOYER IDENTIFICATION NUMBERS, ITIN NUMBERS, INDIVIDUAL TAX IDENTIFICATION NUMBERS, 24 HOUR NOTARY SERVICE, NOTARY, NOTARY PUBLIC, TYPES OF INSURANCE, TYPES OF TAXES IN NYC, CONTRACTOR BONDS, CONSTRUCTION BONDS, BUSINESS PERMITS, CONTRACTOR INSURANCE, BUILDING PERMITS, BUSINESS LICENSES AND PERMITS NEW YORK CITY, JAMAICA QUEENS, OPENNING A STORE IN NYC, BUSINESS CERTIFICATE DBA, SALES TAX CERTIFICATE, CERTIFICATE OF AUTHORITY, GUARNISHMENTS, PROBLEMS SOLVED, LEINS, LEVIES, JUDGEMENTS, BOOKKEEPER, BOOKKEEPING, ACCOUNTANT, ACCOUNTANTS, CPA NEEDED, C.P.A. NEEDED, CERTIFIED PUBLIC ACCOUNTANT WANTED, TAX ACCOUNTANT, RAPID REFUND, FAST REFUND, BIG REFUNDS, INCOME TAX REFUNDS, RAL, REFUND ANTICIPATION LOANS, SURETY BONDS, HOME IMPROVEMENT CONTRACTORTS LICENSE TEST, HOME IMPROVEMENT CONTRACTORS INSURANCE, NASSAU COUNTY, KINGS COUNTY, NEW YORK CITY. BROOKYLN, HOW TO START A BUISNESS IN NEW YORK CITY ?, STARTING A BUSINESS IN NYC, PAYROLL SERVICE, INCOME TAX DUE DATES, FILINGS, TAX DUE DATES, TAX MAILING ADDRESS, INCOME TAX MAILING ADDRESS, NYC Department of Health and mental hygiene food service provider applications WC/DB-100, FLUSHING, CAMBRIA HEIGHTS, QUEENS VILLAGE, ST. ALBANS, HOLLIS, SPRINGFIELD GARDENS, LAURELTON, RICHMOND HILL, SOUTH OZONE PARK, WOODHAVE, REGO PARK, FOREST HILLS, CORONA, HOWARD BEACH, BELLROSE,  BAYSIDE, FOREST HILLS, JACKSON HEIGHTS, JAMAICA, HOW DO I OPEN A BUSINESS IN NYC ? BUSINESS TAXES

 

We service the following areas: Queens, Brooklyn, Manahattan, Bronx, Staten Island, Kings County, Richmond County, Nassua County, Suffolk county,Astoria, Ditmars, Steinway, Bayside, Bay Terrace, Oakland Gardens, Belle Harbor, Bellerose. Breezy Point. Broad Channel. Cambria Heights. College Point. Corona. Douglaston, Douglas Manor, East Elmhurst, Elmhurst, Far Rockaway, Arverne, Bayswater, Edgemere, Flushing, Auburndale, Kew Gardens Hills, Floral Park, Forest Hills, Forest Hills Gardens, Fresh Meadows, Glendale, Glen Oaks, Hollis, Hollis Hills, Holliswood, Howard Beach, Lindenwood, Jackson Heights, Jamaica, Briarwood, Jamaica Estates, Jamaica Hills, South Jamaica, Kew Gardens, Laurelton, Little Neck, Long Island City, Hunters Point, Ravenswood, Queensbridge, Maspeth, Middle Village, New Hyde Park, Ozone Park, Queens Village, Rego Park, LeFrak City, Richmond Hill, Ridgewood, Rockaway Beach, Rosedale, Saint Albans, Springfield Gardens, South Ozone Park, Sunnyside, Whitestone, Beechhurst, Malba, Woodhaven, Woodside--- All of New York State


Queens Neighborhood with zip codes

Arverne , 11692, Astoria Heights , 11370 , Astoria , 11102, 11103 , 11105 , Auburndale , 11358, Bay Terrace , 11360 Bayside , 11359, 11360, 11361 Bayswater , 11691 Beechhurst , 11357 Bellaire , 11427, 11428, 11429
Belle Harbor , 11694 Bellerose , 11426 Blissville , 11101 Breezy Point , 11697 Briarwood , 11435 Broad Channel , 11693 Cambria Heights , 11411 College Point , 11356 Corona , 11368 Ditmars , 11005, 11370 Douglaston , 11362, 11363 , Dutch Kills , 11101 , East Elmhurst , 11369, 11370, 11371 , Edgemere , 11690 , Elmhurst , 11373 , Far Rockaway , 11096, 11690, 11691, 11692, 11693, 11694, 11695, 11697 ,  Floral Park , 11001, 11002, 11003, 11004, 11005 , Flushing , 11351, 11352, 11354, 11355, 11356, 11357, 11358, 11359, 11360, 11361, 11362, 11363, 11364, 11365, 11366, 11367, 11368, 11369, 11370, 11371, 11372, 11373, 11374, 11375, 11377, 11378, 11379, 11380, 11381, 11385, 11386, 11390 , Forest Hills Gardens , 11375 , Forest Hills , 11375
Fresh Meadows , 11365, 11366 , Fresh Pond , 11385 , Glen Oaks , 11004 , Glendale , 11385 , Hammels , 11693
Hillcrest , 11365, 11366 , Hollis Hills , 11427 , Hollis , 11423 ,  Holliswood , 11423 , Howard Beach , 11414
Hunters Point , 11101 , Jackson Heights , 11372, 11370 , Jamaica , 11405, 11411, 11412, 11413, 11414, 11415, 11416, 11417, 11418, 11419, 11420, 11421, 11422, 11423, 11424, 11425, 11426, 11427, 11428, 11429, 11430, 11431, 11432, 11433, 11434, 11435, 11436, 11439, 11451, 11499 , Jamaica Estates , 11423, 11432
Jamaica Hills , 11432 , Kew Gardens Hills , 11367 , Kew Gardens , 11415, 11418, 11424 , Laurelton , 11413
LeFrak City , 11368 , Linden Hill , 11354 , Lindenwood , 11414 , Long Island City , 11101, 11102, 11103, 11104, 11105, 11106, 11109 , Little Neck , 11362, 11363 , Malba , 11357 , Maspeth , 11378 , Meadowmere , 11422
Middle Village , 11379 , Murray Hill , 11358 , Neponsit , 11694 , New Hyde Park , 11040, 11042 , North Shore Towers , 11005 , Oakland Gardens , 11364 , Ozone Park , 11416, 11417 , Pomonok , 11365 , Queens Village , 11427, 11428, 11429 , Queensboro Hill  , 11355 , Queensbridge , 11101 , Ravenswood , 11106 , Rego Park , 11374 , Richmond Hill , 11418 , Ridgewood , 11385, 11386 , Rochdale Village , 11434 , Rockaway Beach , 11693
Rockaway Park , 11694 , Rosedale , 11422 , Roxbury , 11697 , Saint Albans , 11412 , South Jamaica , 11435, 11433, 11436, 11434  , South Ozone Park , 11420, 11436 , Springfield Gardens , 11413 , Sunnyside Gardens , 11104 , Sunnyside , 11104 , Tudor Village , 11417 , Whitestone , 11357 , Willets Point , 11368 , Woodhaven , 11421 , Woodside , 11377 , 

 

Brooklyn Neighborhood with zip codes

Albemarle-Kenmore Terrace, 11226, Bath Beach 11214, Bay Ridge, 11209,  Bedford Stuyvesant, 11216, Bensonhurst, 11214, Bergen Beach, 11234, Beverley Square East, 11226, Beverley Square West, 11226, Boerum Hill, 11201,11217, Borough Park, 11219, Brighton Beach, 11235, Broadway Junction, 11233, Brooklyn Heights, 11201, Brownsville, 11212, Bushwick, 11221, Canarsie, 11236,  Carroll Gardens, 11231, Caton Park,   11218, City Line, 11207, Clinton Hill, 11205, Cobble Hill, 11201, Coney Island, 11224, Crown Heights, 11225,11213, Crown Heights North, 11213, Cypress Hills, 11208, Ditmas Park, 11226, Ditmas Park West, 11226, Downtown,11201, DUMBO, 11201, Dyker Heights, 11228, East Flatbush, 11203, East New York, 11207, 11208, East Williamsburg, 11206, Farragut, 11210, Fiske Terrace, 11230, Flatbush, 11226, Flatlands, 11236, Fort Greene, 11205, Fort Hamilton, 11209, Fulton Ferry, 11201, Georgetown, 11230, Gerritsen Beach, 11229, Gowanus, 11231, Gravesend, 11223, Greenpoint, 11222, Greenwood Heights, 11232, Highland Park, 11207, Homecrest, 11239, Kensington, 11218, Mapleton, 11204, Madison, 11229, Manhattan Beach, 11234, Manhattan Terrace,  11230, Marine Park, 11234, Midwood, 11230, Midwood Park, 11210, Mill Basin, 11234, Mill Island, 11234, Navy Yard, 11205, New Lots, 11236, North Side, 11211, Northeast Flatbush, 11212, Ocean Hill, 11233, Ocean Parkway, 11230, Paerdegat Basin, 11236, Park Slope, 11215, 11217, Plum Beach, 11235, Prospect Lefferts Gardens, 11225, Prospect Heights, 11217, 11238, Prospect Park South, 11217, Red Hook, 11231, Remsen Village, 11236, Rugby, 11203, Sea Gate, 11224, Sheepshead Bay, 11235, South Midwood, 11210, South Side, 11210, South Park Slope, 11215, Spring Creek,        

11239, Stable Brooklyn, 11218, Starrett City, 11239, Stuyvesant Heights, 11216, Sunset Park, 11220, Vinegar Hill, 11201, Weeksville, 11233, West Midwood, 11230, Williamsburg, 11206,11211, Windsor Terrace, 11218, Wingate, 11203, 

 

 

 

 

 

 

 

 


 


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BUSINESS INSURANCE NYC, (929) 290-8609 , Cheap Business Insurance, WE OPEN CORPORATIONS, INCOME TAX PREPARATION, INCORORATION, NOTARY, NEW YORK CITY BUSINESS INSURANCE, BUSINESS PLANS, COMMERCIAL INSURANCE, BUSINESS OWNER INSURANCE,TAX IDENTIFICATION NUMBERS, SALES TAX, PAYROLL TAX., sell a business, business for sale, selling a business, small business for sale, sell a franchise, advertise a business, how to sell a business, sell my business, Business Broker, Business Brokerage for construction businesses, Busines br oker for contractorsLOW COST BUSINESS INSURANCE, SMALL BUSINESS INSURANCE, FREE QUOTE, 1040, IT-201, 941, 1120, 1120S, CT3M/4M, OPENING SMALL BUSINESS IN QUEENS NY, INCORPORATING IN NEW YORK STATE, WORKERS COMPENSATION INSURANCE, PENALTIES REDUCTION, ELIMINATE FINES PENALTIES, SMALL BUSINESS INSURANCE, INCORPORATE FILING RECEIPT, EIN NUMBERS, EMPLOYER IDENTIFICATION NUMBERS, ITIN NUMBERS, INDIVIDUAL TAX IDENTIFICATION NUMBERS, 24 HOUR NOTARY SERVICE, TYPES OF INSURANCE, TYPES OF TAXES IN NYC, CONTRACTOR BONDS, CONSTRUCTION BONDS, BUSINESS PERMITS, CONTRACTOR INSURANCE, BUILDING PERMITS, BUSINESS LICENSES AND PERMITS NEW YORK CITY, JAMAICA QUEENS, OPENNING A STORE IN NYC, BUSINESS CERTIFICATE DBA, SALES TAX CERTIFICATE, CERTIFICATE OF AUTHORITY, GUARNISHMENTS, PROBLEMS SOLVED, LEINS, LEVIES, JUDGEMENTS, BOOKKEEPER, BOOKKEEPING, ACCOUNTANT, ACCOUNTANTS, CPA NEEDED, C.P.A. NEEDED, CERTIFIED PUBLIC ACCOUNTANT WANTED, TAX ACCOUNTANT, RAPID REFUND, FAST REFUND, BIG REFUNDS, INCOME TAX REFUNDS, RAL, REFUND ANTICIPATION LOANS, SURETY BONDS, HOME IMPROVEMENT CONTRACTORTS LICENSE TEST, HOME IMPROVEMENT CONTRACTORS INSURANCE, NASSAU COUNTY, KINGS COUNTY, NEW YORK CITY. BROOKYLN, HOW TO START A BUISNESS IN NEW YORK CITY ?, STARTING A BUSINESS IN NYC, PAYROLL SERVICE, INCOME TAX DUE DATES, FILINGS, TAX DUE DATES, TAX MAILING ADDRESS, INCOME TAX MAILING ADDRESS, NYC Department of Health and mental hygiene food service provider applications WC/DB-100, FLUSHING, CAMBRIA HEIGHTS, QUEENS VILLAGE, ST. ALBANS, HOLLIS, SPRINGFIELD GARDENS, LAURELTON, RICHMOND HILL, SOUTH OZONE PARK, WOODHAVE, REGO PARK, FOREST HILLS, CORONA, HOWARD BEACH, BELLROSE, BAYSIDE, FOREST HILLS, JACKSON HEIGHTS, JAMAICA, HOW DO I OPEN A BUSINESS IN NYC ? Business insurance NYC, Income Tax Preparation, Incorporate your business, open a new business, business start ups, Small Business Insurance NY, New York Business Insurance, Business Insurance Quotes, Commercial Insurance, Business Insurance, NY - Insure Your Business, New York relaxes rules on large commercial insurance, Commercial Liability Insurance, Crazy Business Insurance, Home Improvement Contractors License NYC, Home Improvement License NY, Home Improvement License NYC, Home Improvement License Jamaica NY, Home Improvement License Long Island, Home Improvement License Queens, Home Improvement License Brooklyn, Home Improvement License Staten Island, Home Improvement License Bronx, Home Improvement License NY

Advantage Brokerage, Inc

NYC Business Insurance
164-03 89th Ave Ste. 1-C

Jamaica, New York 11432

New York City Business Insurance

8845 164th St, Jamaica NY 11432 

Queens County, New York City, N.Y.C.
Phone: (929) 290-8609

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