The deadline to apply for the PPP (Paycheck Protection Program) has been extended to August 8, 2020.
The PPP Loan is a program created to keep small businesses paying their employees. If you are an independent contractor without employees, you can still qualify. You are eligible to get 2.5X your average monthly income and the loan will be fully forgiven if the funds are used per the program - it is VERY IMPORTANT that you work with a CPA to ensure you get guidance on how to get the loan forgiveness. The loan amount you are eligible for is based on your taxable income and the income is maxed out at $100K. Someone with $100K+ reported income could be eligible for a $20K loan. Small, local banks and credit unions seem to be easiest to work with - you can see all eligible lenders here.
Here's a great article from Forbes that provides more details and information about this extension and the PPP: https://www.forbes.com/sites/alangassman/2020/07/06/extension-act-for-ppp-loan-applications-clarifications-and-explanations/#2e78ad4c739c
If you have questions about the PPP or this extension please contact:
Matthew C. Aycock | Managing Parter
(214) 473-5551
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