can i pay myself with ppp loan

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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.

  • What is the PPP and how does it work?

  • The PPP sets aside billions of dollars of federally-backed and potentially forgivable loans for qualifying businesses. These are also called small business loans or SBA loans as they鈥檙e only available for businesses with 500 workers or less.

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