1. PPP loan forgiveness and payroll: Can you give yourself a raise?

    PPP loan forgiveness and payroll: Can you give yourself a raise?

    Small business owners who received Paycheck Protection Program cash from the federal government have had many questions about the terms of the loans, including whether they can give themselves a raise in order to allocate a larger percentage of the money toward payroll expenses.

    While the government is working on potentially making the program’s terms more flexible, the CARES Act stipulated that the loan had to be used within 8 weeks of its deposit – and 75 percent of the cash had to be put toward payroll expenses.

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