These things are all just loans and they are only forgivable if you can show 75% of the money went to an employee.
Are you assuming they wouldn't consider the Sole Proprietor an Employee? If so, I guess we'll have to see how that works...
But, according to the Fact Sheet below the Govt. considers income from Self-employment as payroll costs.
https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdfNot "official", but a quick Google found this:
The biggest perk of this program is that it can be almost entirely forgiven. You do not have to pay tax on any portion of the loan being forgiven (meaning the loan becomes tax-free grant). If you keep your payroll expenses consistent to what they were before the COVID-19 pandemic for a further eight weeks, including the salary paid and the number of employees paid, you could be eligible to have those expenses forgiven from your loan amount, as well as certain other expenses such as rent and utilities.
The good news is that if you are self-employed (and you are your only employee), this should be easy to achieve!
(from:
https://bench.co/blog/operations/paycheck-protection-program-self-employed/)
P.S. - Does anyone have any experience, further or definitive info on these programs?
