Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Household Management -> Finances
PSA Self Employed and Independent Contractors can get PPP!



Post new topic   Reply to topic View latest: 24h 48h 72h

amother
OP


 

Post 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
Back to top

seeker




 
 
    
 

Post 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.
Back to top

amother
Ivory


 

Post 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.
Back to top

seeker




 
 
    
 

Post Fri, May 15 2020, 5:03 pm
Probably better off with unemployment which you get to keep.
Back to top

amother
Copper


 

Post 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.
Back to top

wow




 
 
    
 

Post 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.
Back to top

amother
Babypink


 

Post 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.
Back to top

forgetit




 
 
    
 

Post 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.
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Purim-self control
by amother
3 Mon, Mar 18 2024, 10:43 am View last post
Would it be ok to put the oven grates in oven to self clean?
by amother
28 Mon, Mar 11 2024, 11:23 am View last post
Training children self discipline 9 Thu, Feb 29 2024, 1:15 am View last post
OPWDD - Self Direction
by amother
6 Mon, Feb 19 2024, 6:54 pm View last post
Self control
by amother
2 Thu, Feb 15 2024, 10:51 pm View last post