I’m Donna Bordeaux with CampgroundAccounting.com. If your business operates as a sole proprietorship or is a Schedule C business owner, you may have a change in the situation with the PPP loan program. Now you still have to meet the requirements that your business was down over the 2019 year.

You used to have to take the bottom line, the net profit off of your Schedule C to determine how much PPP loan you may qualify for. The rule changes now, show that you may use gross income. That is line seven on the Schedule C the top, the dollars coming in the door, not just what you got to keep that.

If you have no employees, it’s pretty simple. Just use the line seven and maxes out at $100,000. If you do have employees, you’ll take line seven, the gross receipts and deduct, your wages for employees, as well as any pension or benefit costs. When you take that dollar amount and come to the bottom line, you’ll divide by 12, you qualified for three and a half months of the PPP, not two and a half months.

So you’re looking at more like $30,000. That will be a big help to many campground owners. So if you have questions about how the PPP loan changes affect you, and if you qualify, I would love to chat with you. I’m Donna Bordeaux at CampgroundAccounting.com. Please schedule an appointment with me in the upper right corner of our website. I look forward to hearing from you

Donna Bordeaux, CPA with Calculated Moves

Creativity and CPAs don’t generally go together.  Most people think of CPAs as nerdy accountants who can’t talk with people.  Well, it’s time to break that stereotype.  Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux.  They have over 50 years of combined experience as entrepreneurial CPAs.  They’ve owned businesses and helped business owners exceed their wildest dreams.   They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.

‍