Unless I raise payroll we won’t be able to use the last 15% of the loan since we don’t have any other approved uses of the loan money. Thanks for the kind words Josh! Let’s say someone owns a dental practice but also owns a restaurant. There is no incentive for the 1099 to even work? Does this make up for the first round when we had to subtract what Eidl loan we received from the ppp loan for the first round?  Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019. I have a very similar situation in that I am a commissioned salesperson who receives a weekly draw against anticipate commissions . Covered operations expenditures means “payment for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses”, Covered property damage cost means “a cost related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation;”. As a school-age childcare provider, the business was shut down. On December 27, 2020 the President signed HR 133, the stimulus and spending package that includes new funding for PPP loans through March 31, 2021. Short answer is I don’t know yet for the self-employed. If it is forgiven it may not appear on the credit report. I am a photographer specializing in event and portrait photography for the Los Angeles business community. We are not sure what to do because we can’t start using it right away for 8 weeks in a row. Anyway, currently the companies plan is to pay employees with this PPP money as a larger draw for each pay period. I haven’t seen anything specific in PPP guidance that would prohibit that. I wish I knew Kevin. You may want to read our article to better understand how forgiveness works. You’ll have to compare the two. How else could I go about contacting someone? If so you’ll find the information you need in this article: Self-Employed: How To Apply For A Payroll Protection Program PPP Loan, It seems like this line is everything: Thank you for all your help – this has been a super informative article. A good reference guide for new producers is "The Movie Business Book" by Jason E. Squire. Can i hire my accountant to apply for this lian? If you want to apply for PPP I’d recommend you do so quickly as funds are likely to run out soon. When I filed for unemployment, I only entered my previous employers within my state (since the most recent job was so short and in a different state). Treasury has said that “due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.”. Can this be applied for both? If so, will I be able to get the loan forgiven if I paid myself? I’m sorry I can’t be more specific. I’d say it will be a matter of luck as to whether you find someone who can really go to bat for you. You must submit such documentation such as payroll processor records, payroll tax filings, or Form 1099- MISC, or income and expenses from a sole proprietorship. I will keep looking, and if you stumble across it, let me know. Thank you! But I want to classify them as “paid time off,” because they have a special skill set and training, so I fully expect to put them back to work as soon as the “shelter in place” is lifted and our clients permit us in their buildings again. Those other expenses only apply to forgiveness. It does seem to have created an odd situation for business owners like yourself. I started the application process through Bank of America’s website, that is our financial institution. She has her own LLC. My employer reduced my hours and applied for the PPP and was approved. She was leaning towards not going back just yet, so they sent her a “change of employee relationship” form that they want her to sign ASAP. When the guidance for the self employed (including 1099 contractors) came out we subsequently published this story: Self-Employed: How To Apply For A Payroll Protection Program PPP Loan. This article may help: How to Apply For Forgiveness for Your Paycheck Protection Program Loan. Do I still qualify to apply for both PPP and EIDL . COVID Relief Loans: Economic Injury Disaster Loans Vs. Paycheck Protection Loans, 4 Things that Automatically Disqualify You for a PPP Loan, https://www.sba.gov/sites/default/files/2019-02/SOP%2050%2010%205%28K%29%20FINAL%202.15.19%20SECURED%20copy%20paste.pdf.
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