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PPP loan for sole proprietors/self-employed
Dear sole proprietors and self-employed,
The first day you can apply for a Paycheck Protection Program is quickly approaching! Friday April 10 is the beginning of the application period for sole proprietors and those with self-employment income.
Your application must be submitted to a lender approved to work with the Small Business Administration. Even though the application form is available, there has been little guidance provided by the SBA for how a sole proprietor/self-employed should calculate the loan amount, the documentation required, and the process for determining the amount eligible for forgiveness.
We expect the SBA or Treasury Department to issue additional guidance soon. Until then, we recommend contacting your lender to ensure they can submit a PPP loan application to the SBA and inquiring if they have a list of required information to include with the application.
If you have questions, don’t hesitate to call into one of our offices and speak to a professional who can assist you. We don’t promise to have all the answers prior to receiving additional guidance, but we will certainly help you in any way we can. And when additional guidance is published, we can follow up to advise you on the proper steps to take.
Van Bruggen & Vande Vegte, PC