Originally Posted by TomCopeland:
I don't believe you can use it all for your payroll, but you can probably use it all for payroll if you have employees. You can't give a wage increase to yourself or employees.
Why not?
The ppp loan was based off my 2019 schedule C not my current income/expenses report.
Last year I was running with one pt family until May. In May I added more pt families but it was not until August that I filled up. I ran full until Mar when the virus hit.
So based on last year taxes I was supposed receive $922 but I only received $900. However based on this year first quarter, ($679 weekly minus expense) it would be roughly $200 weekly vs $90.
So I already received a wage increase since August last year but it was not reflected in the amount I received.
Why wouldn't I be able to claim wages of $112.50 vs $90?