PPP Loan Forgiveness and Quarterly Taxes

[jdog76]

Hi-

I run a single member LLC and have applied for loan forgiveness for a small amount of money I got under the PPP loan program. I uploaded documents showing that the money was moved to my personal bank account  over the specified period. As far as my salary I draw money as needed throughout the year since I am never guaranteed any steady income.

My bank (large US bank) now say "Unable to verify payroll costs. Upload new document with payroll expense summary page" and "Federal Quarterly Payroll Tax Filing report that matches the payroll period is required"

Any federal taxes we pay are rolled into our personal taxes at the end of the year and I don't make enough to make quarterly federal tax payments, we always get money back at the end of the year.  

What exactly does the SBA need to move forward with regard to my salary and the quarterly taxes? My bank has made every effort to not help me.

Thanks

[ThomasM125 · Accepted solution]

Since you are a single-member LLC, you report your income on a schedule C and your self-employment tax on a schedule SE, along with your personal tax return form 1040. Those would be the only forms you could provide to indicate what your compensation was from the company.

[jdog76]

Thank you. They won’t let me resubmit right now. I believe they are implementing the 3508s form on their end and simply don’t want to take the time to review the paperwork for the ez form.