I am a sole proprietor with one bank account. I do not typically write myself paychecks. What payroll records do I need to keep?

If you are a sole proprietor with one account, and you treated the deposit of the PPP loan proceeds as direct payroll, please maintain the following records:

  • A copy of your bank statement showing the deposit
  • A copy of your 2019 and 2020 Schedule Cs (which are included as part of your personal tax returns)