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  • 1.  Prepaying a retirement plan for the PPP

    Platinum Most Valuable Member
    Posted 05-13-2020 11:49 AM
    If a client has a combined profit sharing/defined benefit plan, can it be partially funded during the 8 week period and be acceptable for the PPP?

    Thanks,

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    Michael Rubinstein
    Michael D. Rubinstein CPA, PC
    North Bellmore NY
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  • 2.  RE: Prepaying a retirement plan for the PPP

    Bronze Most Valuable Member
    Posted 05-13-2020 11:55 AM
    ​yes--any payments made by the employer which includes the 401-k match, profit sharing and defined benefit(cash balance)-you can take 8 weeks

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    Scott Sanders CPA
    GETTRY MARCUS CPA, PC
    Woodbury NY
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    Original Message


  • 3.  RE: Prepaying a retirement plan for the PPP

    Platinum Most Valuable Member
    Posted 05-13-2020 12:00 PM

    Thanks Scott

     




    Original Message


  • 4.  RE: Prepaying a retirement plan for the PPP

    Silver Most Valuable Member
    Posted 05-13-2020 12:09 PM

    Would a SEP contribution also qualify?

     

    Peter B. Morse, CPA

    198  Okatie Village Drive
    Suite 103-331
    Bluffton, SC 29909

    Office (843)-802-4662
    Fax (843)-781-6961

    Mobile (631)-258-5904
    E-Mail:  pmorsecpa@morsecpa.com

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  • 5.  RE: Prepaying a retirement plan for the PPP

    Bronze Most Valuable Member
    Posted 05-13-2020 04:33 PM
    ​only for the employees, not for the owners of a Schedule C as the benefits for the owners are not included

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    Scott Sanders CPA
    GETTRY MARCUS CPA, PC
    Woodbury NY
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    Original Message


  • 6.  RE: Prepaying a retirement plan for the PPP

    Silver Most Valuable Member
    Posted 05-13-2020 05:08 PM
    Had a feeling. Many thanks Scott.

    Peter B. Morse, CPA
    198 Okatie Village Drive
    Suite 103-331
    Bluffton, SC 29909
    Office Tel: 843-802-4662
    Fax:
    E-Mail: pmorsecpa@morsecpa.com


    Original Message


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