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Paycheck Protection Program (PPP) Loans For Contractors & Freelancers: What The Self-Employed Should Know

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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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4 Comments

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      This comment refers to an earlier version of this post and may be outdated.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        This comment refers to an earlier version of this post and may be outdated.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          This comment refers to an earlier version of this post and may be outdated.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