Jack – They will ask the lender for forgiveness in the future and they will ask you to submit acceptable documents. Keep in mind that everyone is currently waiting for further instructions on the SBA and treasury pardon. www.forbes.com/sites/brianthompson1/2021/03/04/sba-substantially-increases-ppp-loan-amount-eligibility-for-new-schedule-c-borrowers/?sh=4697155c5c23 No morning, I am very concerned that I have already missed the deadline for applications for financial assistance of any kind due to confusing responses from banks and accounts. I was told I couldn`t use PPP because I`m self-employed and own a home-based business that offers therapeutic/medical and spa massages. Two weeks ago, however, as reported by the bank, I applied to SBA.gov DIEL, which I still haven`t heard from an SBA via email. The funding was just approved today, April 24, 2020. I discovered that I should have applied for a PPP. Can I still do it? Where and how? Help me. I need instructions. Thank you very much. I appreciate your valuable support because I have planned to provide therapeutic medical massages to veterans, which the state`s military insurance now covers. For ppp, if you register as a self-employed person with employees, there is a very specific calculation for the amount of your loan. Did you apply some time ago? If so, it could have been before the publication of this guide.
In any case, you can read it in the Treasury Guide for calculating PPP amounts by type of business. You may need to share it with your lender if you think they are not calculating your loan amount correctly. Laraine, Guidelines of the Ministry of Finance and the SBA, updated on 13. May 2020, are: Question: How will the SBA verify the required bona fide certificate from borrowers regarding the need for their loan application? Response: When submitting a PPP application, all borrowers must certify in good faith that “[t]he current economic uncertainty makes this loan application necessary to support the applicant`s continued operation.” The SBA, in consultation with the Treasury Department, has determined that the following safe harbor applies to the SBA`s review of PPP loans with respect to this issue: Any borrower who, along with its subsidiaries, has received PPP loans with an initial capital amount of less than $2 million will be deemed to have issued in good faith the required certificate of necessity of the loan application. The above forms and documents should prepare you for the PPP loan application process. Be sure to stay in touch with your preferred lender throughout the loan application from the first contact to make sure you have submitted everything you need to secure your loan proceeds in a timely manner. Hugh – Are you concerned about an audit of your loan? The guidelines are summarized in this OIG report on PPPs on page 26. Can I qualify for a PPP loan to start my business properly because I have had my own business for about three years but don`t have the license? If you applied for PPP as a self-employed person with a net profit, you may find that you could get a larger loan with the gross income. The change in calculation methods is not retroactive.
The IFR states that it applies to “loans approved after the effective date. Unfortunately, I do not see this issue addressed in the instructions. We have shared the latest Treasury and SBA guidelines in this article on how to apply for a PPP by type of business Hey gerri my name is Nounagnon I have been self-employed for 2 years, but the problem is that I never filed taxes because I did not have an SSN, but now I am a permanent resident, but my wife gets a w2 and she submits the taxes together for 2020, so please say there anyway, I can get the PPP or any type of loan to start my business. Thank you Hope Roy Answer Small business owners can get a second PPP loan if they lost at least 25% of their annual gross revenue in 2020 compared to 2019, or for a quarter of 2020 compared to the same quarter in 2019. Gross revenues include all income from all sources, excluding net capital gains and losses. Hi, I filled out the PPP for 2020 and after that, I realized that I was able to fill out the PPP for 2019, which will be a lot of prophet for me! My question is: can I apply again for the PPP 2019?! Is it even that I can solve this problem and have my PPP for 2019 instead of 2020?! The exact forms required depend on your type of business. For example, a self-employed contractor or self-employed person without an employee must submit their IRS Form 1040 Schedule C, Form 1099-MISC, and Form 1099-K. Jimmy – since you are an independent contractor, I assume you report your business income to the IRS on a Schedule C. If so, ask for your 2019 or 2020 Schedule C amount. Line 31 is your net profit and will be used to calculate the amount of your loan. The calculation is in the article. That said, the White House is expected to release more information for freelancers today — February 22, 2021 — and we`ll update the article when we have details.
You don`t need a business license to apply for a PPP, but you do need business income reported to the IRS, likely in Appendix C. Question about the meaning “affected.” I am an Independent Contractor (LLC), I applied, I was approved and I got the loan back. Was in a contract, which of course ended on 31.03.20. I had another contract (4/1), but a short-term contract (6mo). With the slowdown, I was very worried about what might happen to the contract and/or not getting another one anytime soon – basically very uncertain as things were changing almost every day. Fortunately still in the contract, but I wonder if it would cause a problem or seem that I don`t have to borrow? The total amount is a few thousand more than 2 months of my pay (which is just myself), so it will meet the 75% pay requirement. I just wanted to know if there is a review to participate in a contract (which can be terminated at any time, even under normal circumstances). An idea? Unfortunately, you can no longer apply for a PPP.
However, the EIDL and the targeted grant are still open for applications. I am an independent insurance agent and I also use my personal bank account for my business bank account. I started my application, but there was a question/statement that asked that my business account not include any personal use of what mine does. Will this prevent me from applying for a PPO loan? This is the first time I have applied. I applied for a PPP, was approved and got my money. The question I have is that the lender approved me 4307, which is lower than what I qualified my business for. My net profit for 2019 was 28017, so can I use all 4307 for paying the employer`s profits and divide them into 8 weeks, or do I have to use 75% for the payment myself and 25% for the rent? Can I use the fund in less than 8 weeks or do I have to spread it evenly over 8 weeks? Thank you! Hey, could you help me, my dad is also an Uber Eats driver, which bank did you apply to? Because everyone we visited needs a business account and he doesn`t have one. Hello, I am an Uber delivery driver. I reported my earnings for 2019. Am I eligible for the PPP loan? If so, where can I apply? I can`t speak for the lender or the SBA, so I can`t say for sure how the lender will handle it. I`m sorry, but I can only share what the guide says.
Hello! I have a (?) Situation. I am a business owner (LLC, I am the owner and the only employee). I am also an independent contractor for a separate business that has nothing to do with my business. When I work for them, they pay me, the entrepreneur, not my business. In 2020, I applied for the second round of PPP for MY Small Business. I was approved and have since submitted my documents/requests for forgiveness (which have also been approved, yay!). I know that MY business is not eligible for the second wave of PPPs because I have no quarterly or gross income loss between 2019 and 2020, so I am not interested in applying for this business again. However, I am also an independent contractor receiving 1099 for a completely different business.
I worked as an entrepreneur for them in 2018, 2019, 2020 and 2021. I have my 1099 2019 and 2020 now available so I can compare my 2019 entrepreneur income to the 2020 entrepreneur`s income. My job was in nursing homes, so as you can imagine, I lost a significant portion of my income in 2020 compared to 2019 as an entrepreneur (over $10,000). The increase in my company`s profits did NOT cover this amount of total revenue loss!). I have never accumulated unemployment and both businesses (my business and I the independent contractor) are filed on my tax return on separate Schedules C. I would like to apply for a PPP based on my now known losses of independent contractors, but every time I apply, I am asked if I own a business that has already received a PPP. If I answered yes on other application pages, I am not allowed to proceed with the PPP request. .
