However, you should be careful navigating both unemployment and PPP at the same time. If you meet the eligibility requirements for a PPP loan, you should apply for PPP funds since the amount of money you receive on PPP can be significant (up to $20,833 per loan for a self-employed person), far in excess of most unemployment programs. Receiving a PPP loan by itself does not disqualify you for unemployment. 632, may truthfully attest to its eligibility for PPP loans on the Borrower Application Form, unless otherwise ineligible.īeing on unemployment does not disqualify you from applying for a PPP loan.
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(2) the average net income after Federal income taxes (excluding any carry-over losses) of the business for the two full fiscal years before the date of the application is not more than $5 million.Ī business that qualifies as a small business concern under section 3 of the Small Business Act, 15 U.S.C. (1) maximum tangible net worth of the business is not more than $15 million and
Go to for the industry size standards.Īdditionally, a business can qualify for the Paycheck Protection Program as a small business concern if it met both tests in SBA’s “alternative size standard” as of March 27, 2020: A business can qualify if it meets the SBA employee-based or revenue based size standard corresponding to its primary industry. Small business concerns can be eligible borrowers even if they have more than 500 employees, as long as they satisfy the existing statutory and regulatory definition of a “small business concern” under section 3 of the Small Business Act, 15 U.S.C. Can I get the PPP loan if I'm a Lyft driver?.Can I get a PPP loan if I'm a computer/IT freelancer?.Can I get the PPP if I'm a front end developer/coder?.
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Can I get the PPP if I recently sold my business?.Can I get a PPP loan if I shut down my business?.Are small businesses required to have 500 or fewer employees to be eligible for the PPP?.Can I get the PPP if I didn’t use the first draw and still have money?.Can I get the PPP if I had to make layoffs?.
Can I get the PPP if I don’t have employees?.Can I get the PPP if I have a newly formed business?.I have multiple different sources of 1099 income, do I apply separately for each?.If an owner of an applicant, or a sole proprietor, self-employed individual, or independent contractor has an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number (SSN), can they use the ITIN on the Borrower Application Form for a PPP loan and the forms to apply for loan forgiveness?.Is there a minimum amount of money I need to have earned on my Schedule C in order to qualify?.
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