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People also ask
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.
What can I use my PPP loan for?
Generally, PPP funds can be used for four purposes: payroll, mortgage interest, rent/lease, and utilities. Payroll should be the major use of the loan. The second stimulus bill also introduced four new categories of expenses that are allowed. We鈥檒l go through all of the categories below. What exactly is included in 鈥減ayroll expenses鈥?
Can I use PPP if I am not on payroll?
Unfortunately, no. Payments to anyone who is not on employee payroll, whether they鈥檙e called independent contractors, subcontractors, or 1099 contractors, are all ineligible payroll expenses. Can I use the PPP on back pay?