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Paycheck Protection Program (PPP) Loans For Sole Proprietors: Where & How To Apply

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Chris Motola

Chris Motola

Finance Writer at Merchant Maverick
Chris Motola is a writer, programmer, game designer, and product of NY. These days he's mostly writing about financial products, but in a past life he wrote about health care and business. He's a graduate of the University of Central Florida.
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4 Comments

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    guy leone

    please respond

      Jessica Dinsmore

      Hi Guy,

      What can we do for you?

        Jeremy Nguyen

        Hello! I would like to ask a question. I own a sole proprietorship business with employees. My salary is the profit of the business ( I’m not on the payroll ). I got approved PPP based on payroll, so how do I pay my self? Or May I use schedule C of 2019 and social security number to apply another loan for my compensation? Your answer is greatly appreciated.

          Jessica Dinsmore

          Hi Jeremy,

          Owner compensation up to $100k is a legitimate, forgivable expense for sole proprietorship PPP loans and is calculated into the total amount received; you cannot apply for a second/separate PPP loan. I hope that clears things up for you!

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