S-corp distributions are not "payroll". So, it is only W2 wages that qualify under the PPP??
Where am I?
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All income that is taxed with payroll tax counts. Because S-Corp distributions are not taxed as payroll, I don't think they count. So, for loan amount calculation, you can't do anything.
However, there is no reason you cannot start to pay yourself salary under the PPP covered period and get loan forgiveness.