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$25,000 PPP loans for independent contractors, Uber, Lyft, GrubHub, Eat24, Bitesquad, Postmates, Uber Eats, Door Dash, Amazon Flex.

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elev8
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 Posted 1 week, 4 days ago


PPP Loans Lender Independent Contractor Self Employed _ elev8 Advisors Group.html

https://www.elev8withus.com/ppp-loans


# Most Self-Employed and Independent Contractors Don't Realize They Can Qualify for a 100% Forgivable PPP Loan


* 1-2 Day Approval for $1,000 - $25,000, Deposited in 9-14 Days

* 100% Forgivable (If Spent on Wages, Utilities, Benefits, etc)

* No Fees, Personal Guarantee, Collateral or Credit Check


#### 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 1099 independent contractor, or sole proprietor.


#### 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 at $100,000 per year.


#### 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 did in 2019 before things dropped way down in 2020), you could **get $12,500** . If your business is in the hospitality or food industry, that number goes up to 3.5x.


#### Do I need to have employees to qualify for a PPP loan?


No! You do not need to have any employees to qualify. If you are self employed, an independent contractor or a sole proprietor, you can qualify.


#### 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 2nd draw and are in …

Read more...


PPP Loans Lender Independent Contractor Self Employed _ elev8 Advisors Group.html

https://www.elev8withus.com/ppp-loans


# Most Self-Employed and Independent Contractors Don't Realize They Can Qualify for a 100% Forgivable PPP Loan


* 1-2 Day Approval for $1,000 - $25,000, Deposited in 9-14 Days

* 100% Forgivable (If Spent on Wages, Utilities, Benefits, etc)

* No Fees, Personal Guarantee, Collateral or Credit Check


#### 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 1099 independent contractor, or sole proprietor.


#### 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 at $100,000 per year.


#### 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 did in 2019 before things dropped way down in 2020), you could **get $12,500** . If your business is in the hospitality or food industry, that number goes up to 3.5x.


#### Do I need to have employees to qualify for a PPP loan?


No! You do not need to have any employees to qualify. If you are self employed, an independent contractor or a sole proprietor, you can qualify.


#### 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 2nd draw and are in the food or hospitality industry). To find this:


1. Find your IRS 1040 Schedule C Tax Return from 2019 (the normal one you get)

2. Find the amount on Line 31. (if that’s over $100,000, reduce it to $100,000)

3. Divide that number by 12 (to find your average monthly earnings)

4. Multiply that monthly average by 2.5

5. Viola!


For example, if your Line 31 says you earned $60,000 in 2019, you could apply for a loan of **$12,500** ($60,000 / 12 = $5,000. Then $5,000 x 2.5).


#### What if I don’t have my Tax Return (1040 Schedule-C)?


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.


#### 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:


* Spend that money within 24 weeks (6 months)

* Employee and compensation levels are maintained (which if you’re self-employed is just you)

* At least 60 percent of the proceeds are spent on payroll costs, and the rest goes to other eligible expenses (wages / payroll, mortgage interest, rent, utilities, taxes, benefits, etc).


Then we’ll help you fill out the required paperwork to get it 100% forgiven!



**Top Questions**


#### 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 funds last.


#### 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 still receive PPP funds.


That includes any 1099, self-employed or sole-proprietor income.


You receiving any other form of income (eg from investments, an employer payroll, etc) does not disqualify you from applying for PPP, as long as you have separate self-employment income.



PPP Loans Lender Independent Contractor Self Employed _ elev8 Advisors Group.html


https://www.elev8withus.com/ppp-loans



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