PPP for self employed WITHOUT employees

[motionclone]

Some of you self employed may not realize the forgiven PPP loans are not just for small business with employees but for self employed without employees as well. And the new deadline for getting the money is coming up on May 21.

You get about 20% of line 7 on your schedule C from 2019 or 2020 tax years.

" Sole proprietors and independent contractors are finding the PPP loan especially appealing because of the “owner compensation share” or “proprietor costs” concept that can grant them full forgiveness, letting them use the funds however they want. "
find out more here :
https://bench.co/blog/operations/ppp-forgiveness-contractors-sole-props/

Since the govt forgot to send me and my wife the last 2 stimulus checks and we pay out so much in federal tax every year I decided to get some of that money back and take full advantage of the "free" money.

 

[Benhameen]

No stimulus here either, I had filed an extension for my LLC and didn’t have the proper info needed when I called my bank about it. 2020 was my first full year of self employment. A friend met with a few local
bankers about this and he brought it up too me, they we’re practically begging him,
well the organization he works for to take advantage of this.
In some ways I’m still on the fence about applying, never asked for a hand out before. BUT I have worked 5 days a week since the pandemic started, right in the middle of it, grocery stores. My product supply was drastically reduced, a third of my product was cut on every bi-weekly order for a 10 month period. So my income suffered due to the pandemic. Maybe I’m just trying to justify applying. . .
thanks for the reminder. Lol.

 

[motionclone]

I did better in revenue and profit during the pandemic year than the year before. I took the free money because its on the table and i see it as getting back some of what ive put in over the years.

When covid hit i never missed a day of work I kept chugging along because i had obligations to meet. When illegal restrictions where put in place I ignored them and kept working, im a survivor i guess.

If you dont want the loan forgiven you can just pay the money back. Its 1% interest at 5 years, thats better than any conventional loan youll get so pay off some of your higher interest debt.