Has anyone who gets a 1099 received a PPP loan

amother

Vermilion

Tue, May 19 2020, 7:06 pm

I don't see why not. I just applied through Kabbage (self-employed, but same as if I had 1099s which I did not). You just upload that part of your tax return.

I applied Motzei Shabbos and was approved by Monday morning.

amother

Pumpkin

Tue, May 19 2020, 7:08 pm

Im currently in middle of applying.

My brother in law got.

If you filed a schedule c for 2019, it's a pretty straightforward application.

If you have a business account with a bank, Check if they're accepting applications.

amother

Tue, May 19 2020, 7:20 pm

Nice- ty! We have a sep business account thru Chase- are they easier to deal with than a place like Kabbage? Do I need to involve my accountant?

What percentage of your income were you eligible for?

amother

Vermilion

Tue, May 19 2020, 8:24 pm

Kabbage has one main maalah - they only do loans, so they were pretty quick. I don't know if Chase is easier. It was pretty straightforward - answer the questions, upload the documents (Schedule C, front of driver's license, and bank statement or invoice from around February.)

You get based on line 31 (if I'm remembering right) of the Schedule C. It's divided by 12, and you get that number x 2.5.

Only annoying part is that DH has two self-employed businesses (each with their own Schedule C), and you can only get for one. Thankfully the second was pretty small, less than $5,000 this past year.

It's not 100% clear how it can be used - I'm planning on withdrawing a weekly amount equivalent to 1/10th of the PPP as a paycheck, over the next 8 weeks. We don't have listed utilities etc. as business expenses so just planning on repaying that last 25% as a loan, hopefully the 75% gets forgiven.

ETA: I originally also applied through PayPal, but still haven't heard back from them... whereas Kabbage apparently already initiated the deposit.

amother

Vermilion

Wed, May 20 2020, 6:27 am

amother [ OP ] wrote:

Nice! I thought the whole point of the PPP loan is that it’s 100% forgiven.

If you use all of it for "approved purposes," meaning 75% to payroll and 25% to utilities, rent, etc.

We work from home but it's not fully dedicated office space so we don't deduct it on our Schedule C. So we don't have any "approved" expenses other than payroll. From what I understand, as long as you use 75% for payroll, you can get that 75% forgiven. The rest will be a loan for 2 years at 1%.