A Complete Guide to PPP Loan Forgiveness for the Self-Employed
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Great article! These PPP Loans and Forgiveness have given many headaches and tons of uncertainty on how to complete correctly. I'd be more than happy to speak with anyone, as ADP is currently assisting our clients through the entire process. I myself, have helped clients receive over $500,000 in PPP Loans.
2 Replies
Karen Bourgeois
from Nurse Paralegal
Hi .. I am so unsure if I can apply for this.. My boyfriend and I started a Construction & Restoration Company
We have this business at my address but when we applied for the LLC .. we named it MK Construction & Restoration, LLC..
I did all the paperwork for obtaining a LLC... He got his contractor license at the same time and I also was the “designer”... We had this business together but I did not want to put my name as co owner bc of liability issues.. He got what was required as far as insurance to be a contractor in La.. WC and GL...
we worked as “self -employed” ... I did not work for him.. I worked a long side of him when I would go and look at the job with him to help with design ideas plus remodeling designs.. She the office was at my house .. I also handled the day to day things.. I advertised our business and made new connections and clients..
I know he applied for the SBA... but now that we have separated since March ... our business took a dive. I became disabled in the meantime also... Can u tell me if I am eligible to apply for a SBA loan??? I have been trying to find this out bc the business also paid for my mortgage every month... thanks.. Karen Bourgeois
Mario Sgroi
from ADP - Astoria / Long Island City / Queens
Karen, unless you were paid as an independent contractor (1099) through the company there is nothing you can do. If however, you were paid as a 1099 then yes, there may be opportunity especially with the new guidance being issued today from the President.
Nancy Gardelli
from Acorn Transcripts, LLC
Very good article. Thank you. The only question is one I posted above about the the EIDL grant and the PPP loan. That part to me is very confusing because I don't know if it's even worth it to try to fill out all the paperwork.
Mario Sgroi
from ADP - Astoria / Long Island City / Queens
At the current time - PPP Loans are no longer available. An EIDL grant is available for basically $1K per employee but if you are looking for some funds to keep the business going / grow....an EIDL SBA Loan is not a bad option, very low interest rates, 30 year repayment!