4/14/2020 · First Draw PPP Loan If You Have No Employees. If you are self-employed and have no employees, the SBA provides the following instructions in the guidance provided January 6, 2021 for new PPP loan borrowers: Step 1: Find your 2019 or 2020 IRS Form 1040 Schedule C line 31 net profit ;· No calculation on the PPP application will involve payroll, because you don’t have employees, and thus no payroll numbers for you or others will exist. Again, paying others with a 1099 is not Since then, changes have been made to make PPP loan forgiveness for the self-employed easier to obtain. Forms 3508S and 3508EZ are simplified versions of form 3508 The self-employed can use either simplified version to make applying for PPP loan forgiveness a ;· In short, if you took out a PPP Loan as a self-employed individual with no employees, you can absolutely have your loan forgiven—here’s how to know if you qualify. You must have been harmed by the pandemic and meet three requirements: You filed or will file a Form 1040 Schedule C for 2019, showing self-employment PPP limits compensation to an annualized salary of $100,000. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation To Apply For A PPP Loan if You're Self-Employed | NavPPP Forgiveness For Self Employed Workers - Biz2CreditHow To Apply For A PPP Loan if You're Self-Employed | NavSelf-Employed With No Employees? You Can Still Get a PPP Loan12/11/2020 · The first step in the process is choosing the right loan forgiveness application form. Self-employed individuals have two loan forgiveness application options: SBA Form 3580S or SBA Form 3508Z. In early October, SBA Form 3580S was released specifically for borrowers with PPP loans …PPP Loan Forgiveness Application Form 3508S OMB Control No. 3245-0407 Expiration date: 12/31/2023 A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form. Business Legal Name (“Borrower”)Typically, your forgiveness amount matches your loan amount, which we helped you calculate in the above section, How to Calculate PPP Loan Forgiveness if You’re Self-Employed. To calculate your forgiveness amount, you will need to add up all eligible payroll and non-payroll costs incurred during the covered period 24-weeks (168-day
