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I am trying to make sure my PPP loan that I received for my single-member LLC is eligible for loan forgiveness. I do not pay myself via payroll, rather just from distributions of profits. What do I ne

 
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Carl
Level 15

I am trying to make sure my PPP loan that I received for my single-member LLC is eligible for loan forgiveness. I do not pay myself via payroll, rather just from distributions of profits. What do I ne

This has nothing to do with taxes. You may need to contact the loan provider.

It's my understanding that to be eligible for PPP loan forgiveness, you must have W-2 employees and you must use the loan to pay those employees during the period they were not actively working for you due to COVID-19. If you have no W-2 employees on your payroll during the shutdown, then you are not eligible for any forgiveness of any type.

 

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