Question

Asked a question 6 months ago

For PPP: As a single member LLC (with no employees) taxed as Sole Prop. Can I pay myself with an owner's draw (NOT as a w-2 payroll payment) from the PPP funds and have that count as a forgivable "payroll" expense?

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Liked by Matthew Glick

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Answered 5 months ago

Yes. Because you are taxed 100% as income, this counts.

Are single member LLC owners draws considered "payroll" for PPP?

For the PPP loan forgiveness that is available after 8 weeks. Is the amount you can ask for forgiveness 100% of the loan ... that was calculated in the PPP loan?

Does workers compensation count for PPP forgiveness? I can't find anywhere in the CARES act or PPP FAQ's or forgiveness application.

It seems unclear whether distributions to owners will be a forgivable payroll expense under the PPP. (I assume no?) ... with other funds and not loan funds?

Does anyone know or believe there would be PPP FORGIVENESS ISSUES if a sole proprietor that's received a PPP loan or a ... go against the spirit of the program.

For PPP forgiveness - Payroll costs and the other category expenditures during the 8 week period - are these ... or when I actually pay the expense?