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Apr 3, 2020
11:15:35am
g$ All-American
Just had this discussion with my relationship banker and CPA firm, No IC's in
our numbers is what we all concluded based on our interpretations of the language.
I am the CFO for a few related companies and we are big enough that I speak to my relationship manager at the bank almost every week during not COVID craziness, I now have conference calls with him almost every day and he does a pretty good job of staying on top of this (he read 80 pages direct from the bill the night it was passed and sent it to me with his highlighted sections and notes).
If it were me I would not be including IC's in your numbers, the most updated guidance I have (within the last hour) is that we are providing a detailed payroll report that shows gross amounts by employees and that agrees to my 940 and 941's and loan worksheet calculator that I am submitting.
For that reason, IC's are being excluded.
IC's should be filing for themselves.
g$
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g$
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