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How much can I pay myself with PPP funds?
Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period.
Are PPP loans forgivable if you are self employed?
Taking out funds as owners draws are not eligible PPP expenses at all, and would also not qualify for forgiveness. Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable.
Do I have to use my PPP loan for payroll?
There is no requirement to use it for other things. If you’re self-employed, it’s really quite simple. 100% of your ppp loan proceeds can go to payroll. But that’s where the confusion, and a lot of the hysteria, comes into play.
How long do I have to use my PPP loan?
Both houses of Congress have approved legislation that would extend the time that business owners have to use their PPP loans to 24 weeks, from 8 weeks. It would also reduce the amount required to be put toward payroll expenses to 60 percent, from 75 percent.