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Forum
-> Household Management
-> Finances
amother
OP
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Fri, May 15 2020, 2:44 pm
For some reason there is a misconception going around that PPP is only for actual small businesses or for people with employees.
This is NOT true. If you are self employed and have a 1099 or you file with a 1040 schedule C try to get a PPP loan.
Places to try to apply online -
Bluevine
Paypal
Kabbage
Celtic Bank
Cross River Bank
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seeker
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Fri, May 15 2020, 4:44 pm
I know it's possible, but I'm concerned because in the past I never did any bookkeeping to pay myself a salary. I just took my 1099 income straight into my personal bank account. So I'm not sure if I would successfully demonstrate that I used the PPP money for "salary" to qualify for forgiveness.
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amother
Ivory
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Fri, May 15 2020, 5:01 pm
seeker wrote: | I know it's possible, but I'm concerned because in the past I never did any bookkeeping to pay myself a salary. I just took my 1099 income straight into my personal bank account. So I'm not sure if I would successfully demonstrate that I used the PPP money for "salary" to qualify for forgiveness. |
Most people who earn on a 1099 don't take a "salary". Thats why when they ask for proof of 2019 payroll in the application you submit proof from your 2019 filing, like your net earnings from your schedule C.
We got our loan within two days of applying. My husband is now writing checks to himself for the amt of his 2019 net income dividedb into 52. Up to eight weeks of that should be forgivable. There are no exact guidelines out and im hoping we are doing it right but worst case we won't get forgiven and we will need to pay it back. We really need this money now in any case, so for us it's better than racking up cc.
No need to be afraid. You can take the money and then set it aside until you know for sure you'll be forgiven. If you won't, you can just pay it back.
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seeker
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Fri, May 15 2020, 5:03 pm
Probably better off with unemployment which you get to keep.
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amother
Copper
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Sun, May 17 2020, 10:53 pm
seeker wrote: | Probably better off with unemployment which you get to keep. |
Yeah, but someone who is self-employed and is partially working for much less income, may not be eligible for unemployment, but would be eligible for ppp.
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wow
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Sun, May 17 2020, 11:18 pm
amother [ Copper ] wrote: | Yeah, but someone who is self-employed and is partially working for much less income, may not be eligible for unemployment, but would be eligible for ppp. |
Also, it all depends on the income. Some self employed people would end up getting more per week from the PPP and yes you can still work a bit.
Also, unemployment is taxable income whereas the PPP will not be. So u need to factor in that amount as well.
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amother
Babypink
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Sun, May 17 2020, 11:22 pm
wow wrote: | Also, it all depends on the income. Some self employed people would end up getting more per week from the PPP and yes you can still work a bit.
Also, unemployment is taxable income whereas the PPP will not be. So u need to factor in that amount as well. |
The ppp will be taxable for a self employed person to the extent is being used to pay the self employed person.
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forgetit
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Sun, May 17 2020, 11:55 pm
Just want to point out that if your expenses were high, and your revenue was really low because of your expenses (as is often the case for new businesses), your Schedule C will reflect that, and you may not be eligible for much.
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