Paycheck Protection Program (PPP)

For this round, the SBA is allowing independent contractors and self-employed individuals to apply. They can receive up to a $20,800 fully forgivable loan.

PPP loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19.

Other qualified expenses are paying your rent, car payment, utilities, bills, groceries, even upgrading on equipment, supplies, and materials. 

What does not qualify is NON-BUSINESS RELATED EXPENSES such as extravagant major purchases, luxurious items, shopping sprees that are not business-related.

The loan is 100% forgiven as long as you spend 60% on the payroll.

Eligibility

FOR NON BUSINESS:

Self-Employed Individuals

Independent Contractors

Sole Prop

FOR BUSINESS:
Business must be established on or before February 15, 2020.
Corporation (C-Corp)

Limited Liability Company (LLC)

Subchapter S Corp (S-Corp)

501(c)3- Non Profit

Requirements

FOR NON BUSINESS:
Voided Check (with name on it)

Driver’s License or government-issued ID (must be valid & colored)

Bank Statement Dated January or February 2020

FOR BUSINESS:
Corporation (C-Corp)

Limited Liability Company (LLC)

Subchapter S Corp (S-Corp)

501(c)3- Non Profit

Timeframe

Funding usually takes 2-3 weeks but still varies on SBA and the lender’s process.

Are you Ready to Get Funded?

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