An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 ;· Self-employed workers and independent contractors apply for PPP loans much the same way as other small businesses. You’ll need to determine your eligibility, calculate your loan amount, determine your PPP loan use case, and then submit an application with an SBA-accredited bank. Let’s walk through each of those steps in more ;· The SBA has previously clarified that while partnerships are eligible for PPP loans, a partner in a partnership may not submit a separate PPP loan application for themselves as a self employed individual. (The IFR released March 3, 2021 did not change the calculation for partnerships.)3. Submit the forgiveness form and documentation to SBA or your PPP lender: Depending on whether your lender is participating in direct forgiveness, complete your loan forgiveness application and submit it via the SBA direct forgiveness portal or via your lender with the required supporting documents. Your lender may follow up to request additional ;· The SBA has simplified loan forgiveness applications for PPP loans less than $50,000. This provision was specifically designed to support independent contractors and the self-employed. Loans that meet this threshold will not have to meet the employee retention requirements of larger loans,SBA Loans for Independent Contractors and Self Employed PPP Loans for 1099 Independent ContractorsHow To Apply For A PPP Loan if You're Self-Employed | NavPaycheck Protection Program - SBA11/01/2021 · When you fill out the , 1099 PPP Loan Request form, we promptly send it electronically to our PPP Loan agent partner. Our partner will review this initial request. If they determine that you may qualify for a PPP loan, they will assist you with putting together your PPP Loan application and then submit it to a lender in their network that make be offering PPP loans at that ;· The Paycheck Protection Program was introduced in April 2020 and offered fully forgivable loans to the self-employed. Since then, changes have been made to make PPP loan forgiveness for the self-employed easier to obtain. Forms 3508S and 3508EZ are simplified versions of form 3508. The self-employed can use either simplified version to make applying for PPP loan forgiveness a breeze.
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