If you are consulting as an independent contractor, freelancer, sole proprietor, or self-employed individual, then you can and should definitely apply for the PPP loan (if you need additional financial assistance).
Accordingly, can consultants get SBA loans?
While you definitely want to verify that a lender is certified, a consultant doesn’t necessarily have to be a licensed SBA officer. Although it requires more time and effort to guide yourself through the process, it’s possible to successfully apply for an SBA loan without a consultant.
Regarding this, can I use my PPP loan to pay myself?
Over the course of those ten weeks, 10% of your PPP loan is going to transfer right back into your personal account. This way you can use the funds and show you’ve paid yourself over ten weeks or 2.5 months. … Someone who received a $10,000 PPP loan would pay themselves $1,000 a week for ten weeks.
Can Mary Kay consultants apply for PPP loan?
After performing some research, it appears that a self-employed independent contractor, such as a Mary Kay Independent Beauty Consultant or Sales Director who receives, instead of pays, commissions cannot qualify for the federal Paycheck Protection Program (PPP) based on commissions alone.
Can sole proprietors apply for PPP?
You may apply for the PPP once with your SSN as a sole proprietor, and then separately for any other businesses you own using their EINs.
Can you collect unemployment and PPP?
Can I apply for a PPP loan if I am receiving unemployment assistance? Yes, but proceed with caution. There is no restriction on receiving both benefits, but as a general rule you should not use your PPP loan to cover your own compensation while at the same time receiving unemployment benefits.
Can you get a PPP loan with a 1099?
Independent contractors can submit a PPP loan application through their bank or a lending marketplace. … 1099 employees are now eligible to apply for their own PPP loans through their banks or a loan marketplace.
How do I apply for PPP as an independent contractor?
Who is eligible to apply for a self-employed PPP loan?
- Must be in operation before February 15, 2020.
- Must have income from self-employment, sole proprietorship, or as an independent contractor.
- Must live in the United States.
- Must file a Form 1040, Schedule C for 2019.
- Must have net profit for 2019.
How many months of rent can I pay with PPP?
Using PPP loan proceeds, you can pay interest (but not principal) on any mortgage obligation that existed prior to Feb. 15, 2020. Q: Can rent be prepaid for 6 months to satisfy the 25% forgiveness of rent and utilities? A: No, PPP loan proceeds cannot be used to prepay 6 months of future expenses.
What are the PPP forgiveness requirements?
In order to be forgiven, at least 60% of the loan amount needs to be used for payroll purposes. If less than 60% of your loan is used for payroll, you can still be eligible for forgiveness, with the amount you spend correlating directly to forgiveness.
What expenses can PPP loans pay?
What expenses can PPP loans cover?
- Payroll expenses, including salaries and wages, paid time off, and employee benefits.
- Mortgage interest.
- Operations, including software, cloud computing, human resources, and accounting needs.
What is a PPP consultant?
PPP strategic consults can provide guidance for management in decision making regarding, but not limited to: Assisting management in evaluating eligibility for a First Draw loan, increase to an existing First Draw loan, or a Second Draw PPP loan.
What is the deadline for PPP loan forgiveness?
Which banks handle PPP loans?
Lenders accepting PPP forgiveness applications
- Capital One.
- Citi Bank.
- Cross River Bank.
- Funding Circle.