Online Job Quran Teaching Ppp Forgiveness Application Sole Proprietor

The ppp loan application for those people went live april 10 2020 according to the sba.

Part time job glasgow medical application california pdf. Other questions could arise between now and then. If your business or sole proprietorship received a ppp loan before june 5 2020 youll most likely need to repay any unforgiven amounts within about two years. People have gotten loans that are too big hanley explained.

Loan forgiveness is available if you spend 75 of the loan proceeds on payroll costs and 25 on mortgage rent and utilities. Sole proprietors and the ppp. Common questions about ppp loan repayment.

Generally the ppp loan amount that businesses qualify for is based on their average payroll expenses according to benchco. Ppp loan applications for sole proprietors and independent contractors start april 10 2020. Folks got steered to doing the wrong math.

The borrower is a self employed individual independent contractor or sole proprietor who had no employees at the time of the ppp loan application and did not include any employee salaries in the computation of average monthly payroll in the borrower application form sba form 2483. Loans received after june 5 2020 carry five year repayment terms. For example if a borrower receives a 100000 ppp loan and during the covered period the borrower spends 54000 or 54 percent of its loan on payroll costs then because the borrower used less.

Since you dont have employees you wont be reporting your payroll costs for the ppp loan. Another issue that may affect sole proprietors is if they received ppp loans over the limit. There was also additional information for sole proprietors that appears to indicate that a sole proprietors forgiveness is limited to a maximum of 852 8 weeks of 2019 net profit.

Instead youll be reporting your net business income which will be reported on a schedule. If you had a ppp loan prior to the paycheck protection program flexibility act being signed you can choose to use the original 8 week period instead of the 24 week period. You can borrow 25 times your average monthly payroll costs payroll costs are defined as net earnings from self employment.

You will need to fill out a ppp loan forgiveness application form and submit that to your lender.