📜 PPP Loan

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

Who qualifies?

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).

Do I need to take proactive action?

Yes, you must apply for the loan and submit it to your lender. You can only take out one loan for this program.

What payout can I expect?

The maximum loan is up to 2.5 times your average monthly 1099 or annual net income.

How the PPP loan can be used and other details

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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