PPP LOAN FORGIVENESS As a self-employed and sole proprietor individual.

Schedule c

you could try the SBA site:

https://www.sba.com/funding-a-business/government-small-business-loans/ppp/1099-independent-contractors/

Hi, great question. For self employed, income is not considered payroll. Do you have a tax person? How do you keep your books? Under the stimulus there are a lot of exceptions...you may be able to get unemployment if your business is shut down. The SBA has funds but they have been depleted. You may be thinking that with the CARES money if 75% Of the money received was used for payroll the loan is forgiven. Did you get funds? 
Feel free to contact me if you have any questions or tax with your accountant. Good luck!

We are self employed just myself and my husband. We have no employees. We read that as a self employed the PPP loan would be considered compensation therefore would be forgiven once a certain percent is proven to have been spent on expenses such as mortgage interest utility internet ph ect.  After that the loan would be forgiven 100% so therefore we should not have to write our selves a check every week for pay roll since we have no employees. Is this correct? If not please advise. That was just for the PPP. Now on the SBA loan we received, since this is a loan which we do have to pay back. I’m assuming we do not have to write ourselves a check every week because we have to repay this loan back regardless and I believe it is just to help keep the business going through this uncertainty and no revenue coming in until we are up and running again? We are a small family owned and operated company. Sole proprietor doing business as company name as S Corporation. Look forward to any correct information on both the PPP forgiveness loan and the SBA loan.  The reason we do not normally write ourselves pay checks is because we own the business. 
All expenses get paid out of the business.

Many Thanks in advance!

Suggest speaking with your lender to find out if there are any accommodations or "forbearance" for those impacted by COvid 19 -- then be prepared to provide whatever documentation may be required to support your hardship.  You should also consider applying for whatever loans or support is available through the PPP programs to repay your current loan with a loan that may have more favorable terms.

Hope this is helpful...

My understanding is that a sole proprietor can use salary up to $100,000 per year ($8,333 per month) as payroll for the purpose of PPP loan forgiveness.  Also, retirement plan contributions and health insurance payments made through the business can be included as payroll expense.  Combined, the previously mentioned costs must use at least 75% of the  PPP loan funds within 8 weeks of receipt of funds.  The remaining 25% can be used for rent or Business mortgage expenses and still qualify for forgiveness.  You should check the SBA website and your loan documents for specifics.

You will need to talk with your bank or a lender that is doing the PPP loans. Start with your own banking institution, get the eligibility guidelines and see if you are eligible.

That is not in our area of expertise but our CPA is awesome. Call Roland Manuel at PB Tax Group (561) 655-5777. Tell him United Fidelis Group referred you. 

That's a great question. I can't answer it but IG has an upcoming Webinar that will discuss the government's covid relief programs for business owners. There is no cost or obligation to join. If you're interested email me at  [email address] and I'll send a link. Cheers, Vikash

I would recommend that you speak with Jon Wheeler at our accounting firm. His email: [email address]