Anyone file for a loan through the PPP (Paycheck Protection Program) Yet?

[andrew547]

Has anyone applied? How did it go? Would love to hear from anyone about their experience now or in the coming weeks.

As I understand, all self-employed people with revenue are eligible, and you don't have to have employees. I'm not sure about the differences between businesses with employees vs sole proprietorships with none, with respect to loan forgiveness.

I would have applied on day one but I don't have my 2019 taxes done yet. Working on that now.

[mtgraves7984]

@andrew547  "As I understand, all self-employed people with revenue are eligible, and you don't have to have employees."

From sba.gov...

Who Can Apply

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

I'm sure you've read up on it, but you've got 'less than 500 employees' and are "self-employed", no? Go for it!

[andrew547]

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@mtgraves7984 wrote:

I'm sure you've read up on it, but you've got 'less than 500 employees' and are "self-employed", no? Go for it!

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Yes, but I've heard reports of much confusion among banks and applicants. It's first come first serve, and there's going to be a rush.

[fillmores**flea**market]

You mentioned loan forgiveness.  My girlfriend owns a small business with 6 employees.  The loan forgiveness applies to paying wages for employees instead of laying them off.  There is also forgiveness for rent/utilities/etc, but all of the documentation says they expect those things will more than likely only be forgiven for 25% or less.  Just my knowledge before you apply for a loan

[mrbuckeye3]

I'd like to tag on... Could we be considered independent contractors & apply for the loan that way vs the small business own application?

For the loan forgiveness: I did talk to my bank regarding this.  
You have to spend 75% of the loan for payroll (paying yourself)
                                      25% can be used for specific expenses (Utilities).

She said the government will be requesting documentation at a later date to prove you spent the monies on the 75/25 per the above.  
(would that be showing the transactions of transfer out a specific amount of money from your "business" bank account for ebay seller's "salary" into their personal account??    We have to pay ourselves, right?  We are losing our typical "salary/income" with the decreased sales.

[bar-29368]

Yes, it can apparently be applied for by independent contractors, gig workers, sole proprietors regardless of whether you have actual payroll employees.

That said the $ available will probably run out fast.

[cxs-41]

Hello I have applied why the Question??

[fern*wood]

Has anyone gotten the money yet?

[mickroid]

I applied filled out all the application sent picture of my drivers license and copy of my money records bank paypal etc? took one day and came back said I was denied? Don't know if was because of my credit score which is in the good range or if im the only employee. That was last week.

Moving  forward to today and tried again and filled out my basic info to see if I qualify and quickly said I was not eligible. don't know

[mickroid]

I tried said I wasn't eligible. Im one employee 27,000 sales gross yearly, credit score is in the middle good range.

[atikovi]

Instead of the PPP I did the online SBA form and got $1,000 deposit in my bank a few weeks ago. 

[mickroid]

Thanks,  will try that

[atikovi]

Too late far as I know.

[mickroid]

Probally so, What do you do with the Paycheck protection online pdf form after filled out? I save it to my documents where to send? Thanks

[atikovi]

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@mickroid wrote:

 What do you do with the Paycheck protection online pdf form after filled out? 

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I didn't do the PPP, I did the SBA.