Although the loans seems to target small businesses, this loan is also relevant to those that are independent contractors or self-employed. The PPP loan is relevant for 1099 workers - learn how to take advantage
Small businesses (500 or fewer employees), S corporations, C corporations, LLCs, private nonprofits, faith-based organizations, tribal groups, veteran groups, independent contractors, and sole proprietors (self-employed).
Yes, you must apply for the loan and submit it to your lender. You can only take out one loan for this program.
The maximum loan is up to 2.5 times your average monthly 1099 or annual net income.
The PPP loan can be 100% forgivable (meaning you do not have to pay it back or pay interest) based on how the money is utilized.
Qualified ways to use the money include:
- replace your 1099-MISC income or your net self-employment income
- interest on business mortgages
- business rent
- business utilities
We suggest that you read up on the fine print at SBA.GOV
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