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How do independent contractors get PPP loans?

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How do independent contractors get PPP loans?

Who is eligible to apply for a self-employed PPP loan?

  1. Must be in operation before February 15, 2020.
  2. Must have income from self-employment, sole proprietorship, or as an independent contractor.
  3. Must live in the United States.
  4. Must file a Form 1040, Schedule C for 2019.
  5. Must have net profit for 2019.

Do you have to apply for the PPP through your own bank?

If you applied for the first round of PPP last year, we recommend that you apply through the same lender. You cannot get more than one PPP loan this round, but thanks to the SBA’s E-Tran system, which is how your lender submits your application, they will only process your first completed application.

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Can you get PPP loan without employees?

Since you don’t have employees, you won’t be reporting your payroll costs for the PPP loan. As long as your business was operational prior to February 15, 2020, you can apply to the Paycheck Protection Program.

Can I use PPP to pay independent contractors?

Independent contractors, sole proprietors, and self-employed individuals are entitled to the same first and second draw PPP loans that more traditional business types can apply for. And the loan also covers the same types of expenses for each.

Which lender is best for PPP loan?

Best SBA Lenders for 2021

  • Best Overall: Live Oak Bank.
  • Best for Quick & Easy Process: Funding Circle.
  • Best for Small Loans: United Midwest Savings Bank.
  • Best for Large Loans: Bank of the West.
  • Best for Real Estate: Byline Bank.
  • Best for an In-Person Experience: JP Morgan Chase.
  • Best for Startups: Fundera.

How much of my PPP loan can I pay myself?

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Do independent contractors count as employees for PPP?

Do independent contractors count as employees for purposes of PPP loan calculations? No, independent contractors have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrower’s PPP loan calculation.

How hard is it to get a PPP loan?

Applying for a PPP loan is easier when you prepare ahead of time. If you’re a business owner who’s been financially impacted by COVID-19, you currently have until May 31, 2021, to apply for a PPP loan. The process is easy and can be accomplished in five steps.