Sort of. $ can go to payroll, but net revenue is still up by PPP amount. So owners can get a performance bonus, and it just happens to be the PPP amount. But if

Sort of. $ can go to payroll, but net revenue is still up by PPP amount. So owners can get a performance bonus, and it just happens to be the PPP amount. But if there was no PPP, there wouldn't have been that extra cash, so less $ for bonuses. This only works if the company was breakeven, or had $ reserves (eg, VC funded w expectation of ever-growing losses)