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Payroll protection plan

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  • Payroll protection plan

    For those who run their own business and sole proprietors, please speak with a qualified professional regarding how much funds you can request, and how you can use those funds in qualified ways that can potentially be forgiven.

    The short version is that EVERYTHING you paid during the qualification period including employer retirement contribution count for the payroll numerator. You can probably use the funds to fund the employer portion of your 2019/2020 return benefits. Those rules haven't been written yet so there could be limitations.

  • #2
    I believe if you are a sole proprietor, you can get some of it forgiven if you are using it for mortgage, utilities, etc. I don't know the full details of it yet.


    • #3
      The amount of the loan is based upon payroll monthly averages . The annual compensation is limited to $100k for each employee. 2.5 months adjusted payroll is you loan amount. This is eligible to be forgiven and the amounts can be spent on some specific other expenses to qualify.