One-man Shop? Independent Contractor? Sole Proprietor? You can apply for your piece of the PPP Pie today!
- by Victor Cabilla
- 4 min read
Self-employed’s / separate Contractors: “we do not have payroll nor workers, can we get an item of that economic relief?”Paycheck Protection Program: “Yes, you can now!”
To date, one-man shop business owners and separate Contractors can put on for monetaray hardship relief through the SBA’s $349 Billion Paycheck Protection Program that is potentially forgivable loan. This program, which exposed an earlier on april 3rd, was initially only open only to applications from businesses that had had payroll and employees up until at least week.
PPP loans can be purchased in amounts as much as the smaller of two . 5 months of payroll expenses. Here you will find the information on the PPP:
What size that loan can eligible organizations get? Loans could be the smaller of two . 5 months of payroll expenses (according to an average that is annual of year before the loan origination date or calendar year) OR $10 million. The CARES Act describes payroll costs because:
- Salary, wages, commissions or guidelines (capped at $100,000 yearly for every single worker); PLUS
- Re re re Payment for holiday, parental, family members, medical or leave that is sick PLUS
- Allowance for separation or dismissal; PLUS
- re re re Payment when it comes to supply of worker advantages composed of team medical care protection, including insurance fees and your your your retirement; PLUS
- Re re re Payment of state and taxes that are local on payment of workers; PLUS
- For a completely independent specialist or single proprietor: wage, commissions, earnings or web profits from self-employment or comparable settlement. (more…)