Paycheck Protection Program (PPP) Loan Facts.
Please refer to our FAQ if you have additional questions.
What is the Paycheck Protection Program (PPP)?
The Paycheck Protection Program provides forgivable emergency loans. As a result, if you spend your loan on payroll, rent, mortgage interest, or utilities then the government will forgive your loan so you don’t have to pay it back. If you are an independent contractor, self-employed, or received 1099 funds, “payroll” means the funds you received for your contract work. Which means 100% of your PPP loan funds can go to paying yourself.
Are all independent contractors or self-employed persons eligible?
You do not need to be a business with employees, an LLC, have a DBA, etc. in order to qualify for a PPP loan.
If your 2019 IRS Form 1040 Schedule C has funds listed on line 31, you should apply for funds via the PPP.
If this applies to you, start your application now! We will connect you with a lender who can get you PPP funds today. It’s fast, it’s easy, it’s 100% forgivable, and we’re here to help.
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