That sounds like if you are a single member LLC then it would still end up on your Schedule C on your personal return. If it is not a single member LLC you need to discuss the legal and financial implications of being a corporation and filing a 1120 or if you should elect the 2553 and be treated as an S-corp for an 1120-s.
As far as the income for your LLC earned by your wife:
The income she earns on behalf of your LLC should not have her name on it. It should only be the LLC.
She would then still be a schedule C and receive a 1099 from your LLC only for her commission earned.
There are a number of both legal and tax implications of changing the structure of your business, but that would be better handled by a legal professional. As you mention there are other items such as PPP to consider. There is a great reference on the Small Business IRS site that talks about Married Couples in Business
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