Solo 401(k) Contributions and PPP Loan Forgiveness
Hello – can a sole proprietor use any portion of the PPP loan to make a contribution to a retirement plan (ex: Solo 401 (k)) and have this contribution eligible for forgiveness?
Thank you.
Hello – can a sole proprietor use any portion of the PPP loan to make a contribution to a retirement plan (ex: Solo 401 (k)) and have this contribution eligible for forgiveness?
Thank you.
Permalink Submitted by William Tuttle on Fri, 2020-05-29 16:49
“No additional forgiveness is provided for retirement or health insurance contributions for self-employed individuals, including Schedule C filers and general partners, as such expenses are paid out of their net self-employment income.”