How to get your PPP Loan Forgiven – Self Employed
Are you an independent contractor, 1099 worker, sole proprietor, or someone else who files a Schedule C with your tax return? If yes, then this video is for you! You may have gotten a PPP loan, but now it’s time to plan for forgiveness!
Make sure you get your copy of the spreadsheet I have prepared for you here: https://clara-cfo-group-llc.ck.page/d5ef5d9b84
Since you are self-employed, your rules for PPP forgiveness are different from other businesses that pay all their employees through payroll. You are going to want to pay attention to these different rules so you can maximize your forgiveness amount and be legal!
Your biggest source of information for this calculation will be your 2019 Schedule C. Make sure you are trying to get this document ready to file ASAP! This is used to calculate your forgiveness, so it’s really important. Payroll costs for any employees will also be critical for your forgiveness calculation.
Don’t worry, as a sole-proprietor, you can still use up to 25% of the money for other “allowable costs” if you have them!
If you are NOT a Schedule C Filer, make sure you check out this video: https://youtu.be/wfbQm6ppEkc
For more small business financial resources go to 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.