Article Date:
August 2020


Word Count:
1030

 

 

Five Answers to Spending the PPP Money on You and Your Employees


1. Paying Myself

 

Question. In Government Clarifies PPP Loan Forgiveness for the Self-Employed, you state that I (as a sole proprietor with no employees) can achieve full forgiveness based solely on my 2019 Schedule C income in 10.8 weeks under the 24-week program. Do I have to pay myself every week for 10.8 weeks?

 

Answer. No. Let’s say your PPP loan is for $20,000. You could, for example, take $20,000 out of your business account in one lump sum and put that in your personal savings anytime during the 10.8-week period and then apply for forgiveness in week 11.

 

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