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Your loan amount should have been calculated using your 2019 Schedule C net profit (2.5 x your average monthly payroll). You should divide the loan amount by 8, and pay yourself that amount over an 8 week period. Mechanically, the loan amount should be deposited into your business account, and...
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Your loan amount should have been calculated using your 2019 Schedule C net profit (2.5 x your average monthly payroll). You should divide the loan amount by 8, and pay yourself that amount over an 8 week period. Mechanically, the loan amount should be deposited into your business account, and you can "pay yourself" by systematically transferring your loan proceeds into a personal account over the 8 week period. Your lender should work with you to prepare the proper documentation to apply for loan forgiveness. Also, keep in mind that you may also use some of the proceeds for non-payroll costs such as rent, utilities, etc. But these expenses cannot account for more than 25% of your loan forgiveness. I've included a link to guidance from the SBA that provides more details regarding the PPP loan and it's forgiveness provisions:
https://www.sba.gov/sites/default/files/2020-04/PPP%20Interim%20Final%20Rule_0.pdf
Hope that helps!