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Level 2

Question

Is proprietors draw paid from PPP loan deductible

Forum|Forum|5 years ago
March 12, 2021
2 replies
22 views

No text available

Level 15

If the draw is your salary or wages, yes, it's deductible if you paid it with a PPP loan.

Any money you receive from the loan forgiveness is not part of your gross income and therefore isn’t taxable. Additionally, the payroll and other expenses that PPP loan forgiveness covers are deductible.

See How does a PPP loan affect my taxes? for additional information.

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Josie6Author

Level 2

After doing further research, I have found that money paid from a PPP loan to the self-employed that does not go through payroll is not a deductible expense.