Of the loans that did report demographic data, 13.6% of the total value of loans went to self-reported white-owned small businesses, 2.9% went to Hispanic-owned businesses, 2.4% went to Asian-owned businesses, 0.8% went to Native-owned businesses, and 1.6% went to Black-owned businesses.
Subsequently, are owners considered employees for PPP?
As an owner of a corporation, this should only be the amount you have paid yourself by running payroll. … If you’ve been running payroll manually yourself or with the help of a CPA, so long as you have been remitting payroll taxes, you can use those salaries in your calculation to apply for the PPP.
Also, can I get a PPP loan if I have no employees?
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.
Can single owner LLC Apply for PPP?
In order to apply for a PPP loan as a self-employed individual or independent contractor, you have to meet the following criteria: … 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.
Depending on the circumstances, the federal government might charge people accused of defrauding the PPP under the following provisions: 15 U.S.C. § 645: Making a false statement to the SBA. This can result in a fine of up to $5,000 and up to 2 years in prison.
So the announcement of financial support for business owners through the Paycheck Protection Program was a relief. But instead of getting help, many minority-owned small businesses were denied PPP loans.
Loans. Banks collected at least $13 billion in fees on Paycheck Protection Program loans, according to a New York Times analysis. But the largest lenders say costs wiped out most of what they took in.
1. There are more than 2 million Black-owned businesses in the United States. According to the most recent available Census data, there are more than two million Black-owned businesses in America.
A recent US Census Bureau survey of 90,000 small businesses found that 38.1% had not received PPP assistance, suggesting that the number of businesses still waiting for a PPP loan is at least in the tens of thousands — if not much, much more.
Who Qualifies for a PPP Loan? Any small business with 500 or fewer employees may be eligible. This includes small businesses, S corporations, C corporations, LLCs, private nonprofits, faith-based organizations, tribal groups and veteran groups.
PPP Specific Industries, Activities, and Other Factors: The following activities and industries make a business ineligible:
- illegal activity under federal, state, or local law;
- household employer (individuals who employ household employees such as nannies or housekeepers);
Womply is a registered loan agent, helping small businesses streamline the application process and connect with verified SBA 7(a) PPP lenders. We aren’t a lender, but we care about helping small businesses stay solvent amid the COVID-19 outbreak.
Blacks or African Americans owned approximately 124,551 businesses, with about 28.5% (35,547) of these businesses in the Health Care and Social Assistance sector, the highest percentage of any minority group.
The SBA (Small Business Administration) isn’t planning another round of PPP (Paycheck Protection Program) loans. 2020, PPP loans were meant to provide needed relief to businesses faced with shutdowns during the pandemic. …