How to Apply for PPP Loan Forgiveness – Sole Proprietors and Independent Contractors
Are you an independent contractor or sole proprietor with no employees and curious WHY you have to fill out the crazy-long PPP forgiveness application? Well, sorry, but we all do! However, I strip it down here to just what matters most to sole proprietors, schedule C filers, and independent contractors who have NO EMPLOYEES.
The PPP Loan Forgiveness Application can be found here: https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf
Sole props/ICs need to remember that their forgivable loan amount is still largely based on their 2019 Schedule C.
You will also need your PPP and EIDL applications handy so that you can find the loan numbers.
Remember to DOCUMENT all the expenses related to the PPP loan. Find guidance here: https://youtu.be/6tlCbJaoDPo
To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions
Find us at: https://claracfo.com/
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.