Since you don’t have employees, you won’t be reporting your payroll costs for the PPP loan. … As long as your business was operational prior to February 15, 2020, you can apply to the Paycheck Protection Program.
Furthermore, can you get PPP loan without LLC?
In order to apply for a PPP loan as a self-employed individual or independent contractor, you have to meet the following criteria: Must be in operation before February 15, 2020. Must have income from self-employment, sole proprietorship, or as an independent contractor.
Hereof, do you need a business license to get a PPP loan?
Unexpired, government-issued driver’s license or passport (for all owners over 20%) Each owner must be accounted for in the PPP application form and require a copy of a government-issued photo ID such as a state-issued driver’s license or passport.
Do you need bank statements for PPP loan?
At a minimum, you’ll need payroll documents and tax statements. Bank statements, receipts, purchase orders and canceled checks may also be required.
Yes, you can use your PPP loan for payroll-related expenses, including paying yourself. To qualify for loan forgiveness, individual payroll amounts cannot exceed the calculation limits, meaning you can pay yourself a maximum of $8,333/month ($100,000/year) to be eligible for forgiveness.
2021 PPP loan eligibility
- Your business was operational before February 15, 2020.
- Your business is still open and operational.
- You have no more than 500 employees.
- If your business has multiple locations, you have no more than 500 employees per location.
In general, if the applicant or the owner of the applicant is the debtor in a bankruptcy proceeding, either at the time it submits the application or at any time before the loan is disbursed, the applicant is ineligible to receive a PPP loan.
To qualify, your business must have been in operation since at least February 15, 2020.
- A small business or nonprofit organization with 500 or fewer employees.
- A small business, 501(c)(19) veteran organization, tribal business, or small agricultural cooperative that meets the SBA’s size standards.