04-07-2020 12:27 PM
I can apply for the PPP loan as a sole proprietor and supposedly receive 2.5 months of income which is reported on my schedule C. But, when I go to fill out the application, it stipulates at least 25% has to go toward payroll for loan forgiveness. How do you prove you applied towards payroll when you’re the sole employee and have no payroll??
06-18-2020 04:32 PM
Technically your pay yourself and are 1 employee. That's what I have been advised through a finance guy. You should use a separate account to receive the funds for accounting purposes. PAY yourself from that account!
06-24-2020 04:04 PM
06-24-2020 04:04 PM