As of April 10, independent contractors and sole proprietors are eligible to apply for the PPP. While we have not seen reports of any delays, some banks are only offering loans to existing business customers. We recommend having any potential applicants, once they have their documentation in order, check with their financial institution to determine if they are able to apply. If not, there are other financial institutions that are offering PPP loans. This website from the SBA allows applicants to find an SBA lender nearby.
- Completed income tax returns for 2019, including Schedule C and, if applicable, Schedule E.
- Forms 1099 from any parties that have paid you.
- Bank statements that would reflect income that’s being paid to you.
- Forms 941 and 940, which show Social Security and Medicare taxes withheld and payments toward unemployment, respectively.
- Proof of health-care and retirement plan contributions.
- Finally, a reminder that PPP loans cover payroll and other certain expenses. Payroll costs include wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.