PPP Loans

The deadline is now May 31st. Everyone should go call their bank right now about them.

If you're a sole proprietor, you take 10% every week for 10 weeks, and write on the check "Owner's Compensation Replacement", and then the loan is forgiven (Unless you somehow manage to fire yourself), meaning you just got free money.

Note to self: DO NOT FIRE ME. At least not for 10 weeks

Originally Posted by matador

The deadline is now May 31st. Everyone should go call their bank right now about them.

If you're a sole proprietor, you take 10% every week for 10 weeks, and write on the check "Owner's Compensation Replacement", and then the loan is forgiven (Unless you somehow manage to fire yourself), meaning you just got free money.

Note to self: DO NOT FIRE ME. At least not for 10 weeks

I did end up requesting one. Who turns down free money!

Is there any reason you cant pay yourself 100% as soon as you get it then request forgiveness later?


I had not heard that there was any required schedule to making payments to yourself. Basically my plan was for the loan to get deposited into my business account, then all moved to my personal account. There we go, 100% of the money was paid out as "owner compensation" which is above the 60% requirement to be forgiven, so it should be forgiveable

Originally Posted by kss

I did end up requesting one. Who turns down free money!

Is there any reason you cant pay yourself 100% as soon as you get it then request forgiveness later?

I was in a tax seminar where they talked about the PPP loans. The guy said not to take it in one chunk- it looks kinda suspect if it truly was "Payroll" then. He recommended 10% every week, but I'm sure you could do bi-weekly 20% or something. I just did the 10% on mine- nice, simple, easy accounting.

That said, I'm not personally spending a dime of it until it's forgiven. I too don't tend to trust the government