What’s the maximum payroll costs allowed per employee?
Payroll costs will be capped at $100,000 per year for each employee. ... continue reading
What are the qualifications for this loan being forgiven?
To have your loan 100% forgiven, you’ll need to have: ... continue reading
Can I pay my loan earlier than 5 years?
Yes! There are no prepayment penalties or fees. But just know if you qualify for 100% forgiveness, you don’t need to worry about th... continue reading
When is my loan due?
The loan term is 5 years, but you can get it 100% forgiven if you apply within the first 8-24 weeks (2-6 months) ... continue reading
How is this loan forgiven?
It’s a pretty simple process. As long as you meet the following criteria, you can have your PPP loan 100% forgiven. You have to: ... continue reading
What counts as payroll for someone who’s self-employed or an independent contractor?
Basically any money you made. That includes any wages, commissions, income, cash tips, or other earnings you receive. This is capped ... continue reading
I am self-employed and have no employees, how do I calculate my maximum First Draw PPP Loan amount?
That’s pretty simple. What your entire loan amount is based on getting 2.5x your monthly earnings (or 3.5x if you’re going for 2n... continue reading
How long will this program last?
After receiving hundreds of billions in new funding December 2020, the PPP program was extended to March 31, 2021, or as long as fund... continue reading
I had W-2 Income as well as 1099 income in 2019 and 2020. Can I still get a PPP loan?
Yes! If you had any kind of self-employed income in 2019 or 2020 (as long as you began receiving that before Feb 15, 2020), you can s... continue reading
What is the interest rate on the loan?
The interest rate is 1%. But that doesn’t matter if you get it all forgiven. ... continue reading
What can I use the money for?
The PPP program was designed to be used for: ... continue reading
What if I don’t have my Tax Return?
That’s alright! We can help you fill out what’s called a Draft Schedule C, which provides an estimate of earnings for that year. ... continue reading
Are self-employed / independent contractors eligible for PPP loans?
Yes! If you work for yourself, or as an independent contractor – you are eligible! This includes anyone who is self-employed, a 109... continue reading
What’s the maximum number of employees in a business to be eligible?
If you are applying for the 1st round of PPP loans, then you can have no more than 500 employees. If you’re applying for the 2nd ro... continue reading
What counts as payroll costs?
Payroll cost include: ... continue reading
Do I have to have a personal guarantee or collateral?
No. No personal guarantee or collateral is required! ... continue reading
Can I apply for a second PPP loan if I received a first round PPP loan in 2020?
Yes you can! The second draw was setup to help the more harder-hit businesses. You can qualify if you have: ... continue reading
Do I have to pay back the loan?
You can apply to have your loan 100% forgiven if you meet certain criteria (which are pretty easy to meet). You have to: ... continue reading
When can I apply for forgiveness?
You can have your loan 100% forgiven when you apply within 8 to 24 weeks of receiving it (2 to 6 months). ... continue reading
How much can I get?
If you qualify, you can receive 2.5 months of your normal payroll / earnings! That means if you normally earn $60,000 per year (or di... continue reading
Will I need to keep employees on my payroll or rehire them quickly?
Having your loan forgiven is based on you maintaining or quickly rehiring employees and maintaining payroll levels. The amount you ge... continue reading
Is there a credit check involved? What if I have bad credit?
No credit checks are performed, so there is no credit numbers required. ... continue reading