Yes I know. And I didn't mind that at the interest rate they are imposing. But as everyone said above, it sounds like I would end up doing a lot of explaining and documenting if I went that route. Probably not worth the hassle.
Thanks everyone. I wasn't sure what to do which was why I asked. I got conflicting answers from everyone, even my CPA. This is a corporation and the business is a small retail store. I would rather use the loan for allowable expenses such as rent (which is allowable even if 100% is used) and...
Chapter and Verse is right. After receiving UI for 4 weeks (prior yo PPP) I received a questionnaire asking for detailed information about business operations and 3 years of corporate tax returns. Not sure why they ask for this 4 weeks into a claim, unless they are just backed up to pandemic...
That question is not was simple as it sounds. I am a single owner C Corp. I am only working in my business 2 days a week now as a result of Covid. Hence I am collecting partial unemployment. I just received a Payroll Protection Program loan. Remember I am the only employee. Rather than drop...