- Sep 4, 2003
- 7,987
- 93
- 91
Any sole proprietors here apply for the Paycheck Protection Program? And received the loan?
What I'm unsure about is the disbursement of the loan. Hypothetically, I apply for $20,000 (entirely forgivable), and the entire loan is intended to be payroll to myself as sole proprietor. Can I pay myself $20,000 all at once, or simulate a periodic paycheck (e.g. biweekly) to meet forgiveness criteria, or it doesn't matter?
What I'm unsure about is the disbursement of the loan. Hypothetically, I apply for $20,000 (entirely forgivable), and the entire loan is intended to be payroll to myself as sole proprietor. Can I pay myself $20,000 all at once, or simulate a periodic paycheck (e.g. biweekly) to meet forgiveness criteria, or it doesn't matter?