What businesses are considered “sole proprietorships” for the purpose of using net income to calculate payroll costs?
Any business with only one owner that does not have payroll cost may report using net income as a sole proprietor. This includes LLCs with one owner and with no payroll cost; however, sole proprietors who have payroll costs (that file 941’s, W-3’s, etc.) must report payroll costs and net income. If partner, can use the average monthly amount of net self employment income (Schedule K1) and payroll costs.

Show All Answers

1. My business received PPP funding. Am I still eligible for a Denton County OPEN grant?
2. What documentation do I need for proof of the existence of my business?
3. Can supply or inventory costs be included in the calculation of fixed costs?
4. What businesses are considered “sole proprietorships” for the purpose of using net income to calculate payroll costs?
5. My business has locations in Denton County and other counties. Do I qualify for the Denton County OPEN grant program?
6. How do I prove how long I have been in business?
7. Will I be notified whether or not my application is approved for a grant?
8. Do I need to file all of these documents?
9. How soon will these grants be awarded?
10. Who can I call to answer some of the questions I have about this application?