Updated: May 16
Get all the help you need for your business and self during this COVID-19 pandemic. Help is out there and you are missing out if you don't take the time to research and apply for it.
As a self-employed individual you can apply for the Payment Protection Plan (PPP) loan. The PPP loan is designed to help keep employees (you) on payroll for a period of time and to help with some business expenses. You may wonder how the self-employed folks can apply if you don't have a payroll? You are your payroll! You are self-employed right? Although you are the only one on your payroll, it qualifies you as a candidate to apply for this loan. You can also apply if you operate your business as a sole proprietor or if you are an independent contractor. See who can apply here.
In the first round of funding relief through the Payment Protection Plan (PPP) loan, the money ran out FAST!!! It appeared that all the larger of the small businesses were the only ones to get the relief. Just a few weeks ago congress released another wave of funding to help small businesses to stay afloat during this time. This loan was established by the CARES ACT and implemented through the SBA to help keep workers employed during the pandemic. This loan should be used to cover specific cost such as the company's payroll and specific business operating expenses like rent. This loan, if funds are allocated for the specific reasons per the PPP loan guidelines, can be forgiven. See loan forgiveness details.
As of now, it doesn't appear that the PPP loan funding has not run out. There is still hope for you and your business as a self-employed individual. Act now! Apply now!!!
Some documentation that you may need for the application process:
Legal business name
Your personal information
EIN (employer identification number)
Monthly payroll amount (know what you pay yourself on a consistent basis)
Income tax return documents (2019)
To find a lender to apply click here.
Sources: US Treasury, sba.gov