Let's assume sole proprietor with 1 employee received $10K in PPP loan. As per SBA at least 60% of PPP loan must be used for payroll expenses in the 24 week period. This means at least $6K.

enter image description here

My question is - Is it "Total" (which includes medicare and social security) or "Gross pay" or something else that must add up to that $6K amount in this case to optimize for forgiveness?

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.