Now, there's another provision of the EIDL program, called the advance, under which small-business owners can collect a $1,000 grant per employee for up to 10 employees… He can be reached through LinkedIn. Getting a personal loan is simple and easy, and with Stilt you can apply in 3 simple steps. Where it asks for “Owner” put your name and “100” percent owner. You can decide just to accept the grant you receive, and you do not have to accept an Economic Injury Disaster Loan. The current form of the PPP loan application is geared towards corporate borrowers, as it requests "average monthly payroll," and then multiplies that sum by 2.5 to determine the eligible loan amount. We recommend you read our full PPP loan FAQs here, or click here to start your free application and get access to our helpful customer service staff who will guide you through the process. ! ☐ The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in Are you unsure if the non-traditional employees you’ve hired count towards payroll for the Paycheck Protection Program (PPP) loans? Customer relationships thrive when local businesses and consumers are connected through Womply data and technology. His articles have appeared online in Forbes, Fortune, MSN, Yahoo, FoxBusiness, and AllBusiness.com. What if I have other questions about Paycheck Protection Program loans or the application process? Under the CARES Act passed on March 27, 2020, independent contractors, gig workers, and freelancers affected by the coronavirus crisis are eligible to receive the grant. Lender PPP Loan Number: Ask your lender for the number they assigned to the PPP loan. What to do before you start Complete how-to guide for setting up your […]. Small businesses and agricultural businesses also may apply for the grant, equal to $1,000 per employee of the business up to a maximum of $10,000. How do I determine if I should include or exclude an independent contractor (i.e., a 1099 employee) from the employee pool? Know all your customers and target the right ones, every time. After it is completed and submitted, the SBA will give you a confirmation number, so keep a copy of that for any follow-up. See all articles by Richard Harroch. Talk to your lender and get your application submitted ASAP. In this 4-minute read: $284 billion of new PPP funding for 2021 Additional eligible expenses allowed under PPP funding Simplified, […], In this 5-minute read: What is remarketing? Independent Contractors and COVID-19 How to remarket on Facebook Step-by-step walkthrough for starting your remarketing campaign […], In this 8-minute read: What is remarketing? First, let’s define what an “employee” means under the Paycheck Protection Program. Please read the full details here. He is the co-author of a 1,500-page book by Bloomberg—Mergers and Acquisitions of Privately Held Companies: Analysis, Forms and Agreements. This article was originally published on AllBusiness. But the loans have favorable terms, repayable in up to 30 years. This guidance comes from the SBA’s major new rule on the limitations on subcontracting, in which the SBA responded to public questions about how independent contractors are to be treated.. I’m often asked whether a small business can treat its 1099 independent contractors as “employees” for purposes of meeting … Advisors can help you with both the PPP loan process and the EIDL loans/grants as well as special programs in your state. He has been involved in over 200 M&A transactions and 500 start-ups. ” the answer is no since you are an employee is any member of your business by... Application is August 8, 2020 need to be an employee certain circumstances to which you want the grant receive! ) allows lenders to offer low-interest loans that may be 100 % forgiven certain. Ask your lender and get access to our helpful customer Service staff who will guide through! The sample check below, the account number, talk to your lender and get your submitted. Earnings from self-employment which can be found at covid19relief.sba.gov/ # / have other questions about Paycheck Protection.. 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