- Who qualifies for a PPP loan?
- When should I apply for PPP forgiveness?
- Can you apply for PPP twice?
- Do employees have to pay back PPP?
- How does PPP work with unemployment?
- Can I apply for PPP if I have no employees?
- Can an independent contractor get a PPP loan and unemployment?
- What documents are needed for PPP forgiveness?
- How long do you have to keep employees for PPP?
- Can I collect Pua and PPP?
- How does a PPP loan affect employees?
Who qualifies for a PPP loan?
PPP Eligibility Any business categorized under “Accommodation or Food Services,” such as restaurants and hotels that have 500 or fewer employees per location.
Independently owned franchises.
Self-employed workers, independent contractors, gig workers, and sole proprietors..
When should I apply for PPP forgiveness?
You must apply for forgiveness within 10 months after the end of the ‘Covered Period. ‘ which is the 24-week period that starts when you received your PPP loan. The lender (i.e. your bank) has 2 months to process your loan forgiveness application then SBA has three additional months to approve your forgiveness.
Can you apply for PPP twice?
Yes! There is no risk in applying with more than one lender. According to our lending partners, the SBA’s system will accept the first valid application that arrives, and automatically rejects subsequent ones. … The lender is able to send you closing documents and use the PLP to complete the loan process.
Do employees have to pay back PPP?
Yes. PPP loans (the full principal amount and any accrued interest) may be forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan. … Businesses have up to 24 weeks from the date you received the loan to spend the funds and be eligible for loan forgiveness.
How does PPP work with unemployment?
It leverages a state’s unemployment insurance system. … The work-sharing program continues paying unemployment benefits at a proportionally reduced rate. For example, a business owner who received a PPP loan and wants full loan forgiveness may opt to rehire workers at 75% of their former hours.
Can I apply for PPP if I have no employees?
To apply for PPP loan forgiveness, self-employed individuals can use the simplified Form 3508EZ. As long as you don’t have employees on payroll, this form applies to you. … When you apply, you’ll need to submit a Schedule C from your 2019 tax return showing the income and expenses from your sole proprietorship.
Can an independent contractor get a PPP loan and unemployment?
If you are an independent contractor or self-employed, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for losses of income related to the coronavirus pandemic.
What documents are needed for PPP forgiveness?
For the payroll portion of your PPP loan, you will need to provide documents from your payroll provider and proof of paying employment taxes with IRS and state forms. Eligible payroll costs include salaries and wages, health benefits, and paid leave (i.e. vacation, parental, family, medical, or sick leave).
How long do you have to keep employees for PPP?
24 weeksIf after the 24 weeks the PPP covers, your business’s financial situation has not improved, or the PPP funds have run out, you are able to put employees on furlough or lay them off if necessary. The employees would be eligible to claim unemployment benefits.
Can I collect Pua and PPP?
Yes, but individuals using more than one program are urged to be careful with the timing. You may qualify for PUA benefits until the PPP funds are received, and again after the PPP funds are depleted—but individuals should not apply for benefits for the period when they are relying upon PPP funds.
How does a PPP loan affect employees?
When your company gets a PPP loan, it can affect you in several ways. … You’re unlikely to get furloughed or laid off if your company received a loan, but it may decrease your pay rate — that said, some employers may choose to give raises to employees to entice them to come back to work.