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Paycheck Protection Program (PPP) Loan Guide For Independent Contractors, Freelancers, & The Self-Employed

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Shelbi Wescott

Shelbi Wescott

Writer at Merchant Maverick
Shelbi Wescott is a writer and educator from Portland, Oregon. When she isn't writing about ways to help small businesses, she is a published author churning out pages for her science-fiction and mystery books. In 2015, her book After Life won an Honorable Mention for Best YA Mystery from the Library Journal. (It has ghosts. And mystery.) Shelbi has both a BA in English Literature and a Masters in Teaching from Lewis and Clark College.
Shelbi Wescott
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8 Comments

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    Chris Kehoe

    Hi,

    Your information about the PPP is very helpful.

    I was recently approved for PPP. As a sole proprietor/ single employee business owner, is there a minimum timeframe the loan can be spent to be forgivable? For example; I pay myself (60%) salary over 1.5 months (6-weeks) and the balance of the loan is paid to suppliers (40%) during this same timeframe.

    My question about PPP forgiveness also relates to unemployment benefits through PUA. I understand it is not recommended to “double-dip’, and I am concerned WHEN and IF I will qualify for unemployment once my PPP runs out.

    If you have another article you can refer me to or you are able to answer this would be so helpful.

    Thank you!
    Chris

      Jessica Dinsmore

      Hi Chris,

      I think this post on PPP forgiveness requirements will answer your first question.

      Regarding your second question, our post on PUA/FPUC for self-employed should help explain the answer to your second question.

        Patty

        if you have a small side business that has not been registered with the state, can you apply for the EIDL loan?

          Jessica Dinsmore

          Hi Patty,

          We haven’t seen any language to indicate that a business is required to register with the state to qualify.

            Wilkins PEREZ-LOPEZ

            How, does one go about claiming loan forgiveness when you are a self-employed, sole proprietor?

              This comment refers to an earlier version of this post and may be outdated.

              Jessica Dinsmore

              Hi Wilkins,

              We explain the rules and how to apply in this post on PPP Forgiveness. Definitely let us know if you still have any lingering questions after reading. Good luck!

                This comment refers to an earlier version of this post and may be outdated.

                JL Mealer

                I have a concern. First- Chase is not doing the government’s work aiding by the Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” and instead making up their own rules. My personal Acct there was not a business Acct as a Sole Proprietor and my subs (private contractors) need to be paid or they will find new jobs by the rime this bullcrap is over.
                I have their docs, the 2019-20 w-9’s and spread sheets… How best to find a local bank to get them paid.
                I’ll even forgo my own pay as long as I can get them their paychecks. Sadly, two are summer hired college students and hit that grey area of being too old for their parent’s pay-outs.
                They are losing out far more than I am and I don’t have the funds to give them bridge checks.
                BTW, I do not have an EIN for my sole proprietorship, but do for my LLC which is not really part of this handyman-mechanical business.

                HELP HELP HELP

                  This comment refers to an earlier version of this post and may be outdated.

                  Jessica Dinsmore

                  Hi JL,

                  Unfortunately, as of today, all of the funds for the Paycheck Protection Program loan program have been claimed and PPP lenders are no longer accepting new applications. We will continue to monitor the situation and will let small businesses know if more funding is allocated for the program. In the meantime, you and your subs may want to check out unemployment options to see if you qualify. The rules are more lenient right now and the payouts are more generous. We wish you all the best.

                    This comment refers to an earlier version of this post and may be outdated.

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