[Halfmybrain]

About 25 minutes into today's Coronavirus Press Briefing, Secretary of Treasury Steven Mnuchin said:

"If you're an independent contractor, if you're a sole proprietor, you're eligible for this as well. That program won't be up and running until next week, but again, this is a very broad definition of small business. If you're an independent plumber, if you're an independent contractor, you're covered under this program.
Slightly more complicated. You need to come into your bank and give them a little more information. But starting next week, that part of the program will be up and running."

BTW I have a new habit on YouTube for spoken word videos. I click the Settings gear and change the speed to 150-175% for speech. For dialogue or questions, I slow it down. I get through these briefings a lot faster.

 

[UberBeemer]

If you speed it up, i guess it makes their inconsistencies less obvious. That's why those fine print readers at the end of pharma commercials talk so fast.

 

[northsider87]

If you speed it up, i guess it makes their inconsistencies less obvious. That's why those fine print readers at the end of pharma commercials talk so fast.

That's probably why they do it. But then I think about the moron who said "if you like your plan, you can keep your plan. If you like your doctor, you can keep your doctor." He said it pretty slow, though.

 

[UberBeemer]

That's probably why they do it. But then I think about the moron who said "if you like your plan, you can keep your plan. If you like your doctor, you can keep your doctor." He said it pretty slow, though.

Well, your boy with the hair is trying to take that away now. So, you know, your new health care plan will be, what, a cyanide pill, or a homemade noose?

Brilliant. Blame Obama. Because it was horrible, letting kids stay insured until they were 26, or preventing insurance companies from screwing you for preexisting conditions.

If you or tge hair club haven't got a better plan, you should really go **** yourself instead of complaining like little *****es about the aca.

 

[DrvrChgo1]

I though I had pulled up one of Mr T's press briefings and went about my business... wasnt until several minutes later when I actually looked at the screen that I realized I was playing the wrong clip.

 

[80sDude]

 

[UberBeemer]

View attachment 441963

I think if you file based on 1099, you are self employed, unless you had a dba or LLC or similar setup.

 

[DrvrChgo1]

View attachment 441963

IC relates to how you receive your earnings and your relationship with whom you received such earnings. (IC vs Employee)

Sole Proprietor, as well as the other forms of business ownership ... . partnership, LLC, S-Corp, etc.. (see photo) determine how you report and file your income taxes with the IRS
.
https://www.insureon.com/blog/sole-proprietor-vs-independent-contractor-whats-the-difference

 

[80sDude]

I am both

 

[AllenChicago]

About 25 minutes into today's Coronavirus Press Briefing, Secretary of Treasury Steven Mnuchin said:

"If you're an independent contractor, if you're a sole proprietor, you're eligible for this as well. That program won't be up and running until next week, but again, this is a very broad definition of small business. If you're an independent plumber, if you're an independent contractor, you're covered under this program.
Slightly more complicated. You need to come into your bank and give them a little more information. But starting next week, that part of the program will be up and running."

BTW I have a new habit on YouTube for spoken word videos. I click the Settings gear and change the speed to 150-175% for speech. For dialogue or questions, I slow it down. I get through these briefings a lot faster.

Is this https://uberpeople.net/threads/10k-disaster-grants.390140/ thread describing the same thing? If so, the SBA has been accepting applications from 1099/Sole Proprietors all week. Granted, they will probably not be processed until next week, but they're being processed on a First-In/First-Out basis.

BTW.. What governor Prikster said about the Illinois Unemployment Application website today was pretty disheartening. "It's 10 years old. We're not ready for this!". That, from the guy who shut down Illinois. He should be recalled and replaced with Blagojevich.

 

[quesie]

That's probably why they do it. But then I think about the moron who said "if you like your plan, you can keep your plan. If you like your doctor, you can keep your doctor." He said it pretty slow, though.

Nice how you don't mention that it wasn't the "moron" who decided that, but the insurance companies and individual doctors signing in to a specific insurance. So at worst he was guilty of thinking that insurance companies and doctors were going to play fair. Now let's talk about how Rubio is responsible for destroying the risk corridors that were part of what kept prices low for the first several years. Typical republicans; take something that's working or starting to work, remove the things that make it work, then point at it saying "look it's broken."

 

[BeingStewie]

So based on my research and the fact that rideshare/delivery people provide a service (don't sell a physical product), not an employee of a company, but work for a company and receive 1099s for all tax purposes, As far as the SBA application, I can only apply as an 'Independent Contractor', not a 'Sole Proprietor'. I think it's true for most U/L drivers.

Here's a link of a site that explains the difference between the two and LLC really well.

https://www.next-insurance.com/blog/independent-contractor-vs-sole-proprietor-vs-llc/

Independent Contractor vs Sole Proprietor vs LLC: What's the Deal?
For many entrepreneurs, the legal aspects of starting a business loom large. One of the first things you'll have to figure out when opening your business, and reconsider as you grow, is whether you're an independent contractor, LLC, or sole proprietorship. This can be intimidating. but we're here to explain why it's not as complicated as it might sound. Let's start with a short introduction to each category:

Sole Proprietorship
A sole proprietorship is single-person business of any kind.

If you aren't registering your business with the state but do have income and expenses that are separate from your regular household expenses, then you have a sole proprietorship.

This includes people who make things, teach classes, sell products, or provide services of any kind.

Independent Contractor
An independent contractor is someone who works for someone else, but not as an employee.

The primary difference between an independent contractor and a sole proprietor is that an independent contractor usually provides a service rather than a product.

He or she may be brought on as a consultant or to work on a specific project. In many cases, independent contractors, like consultants or creative professionals, provide expertise rather than specific products.

If you provide a contract to your client before beginning your work, chances are good you're an independent contractor. If your customers buy products you've created in advance, then you're probably a sole proprietor but not an independent contractor.

LLC
LLC stands for Limited Liability Company. By registering yourself as an LLC, you cut off the direct connection between your business and you as an individual.

Your business is a completely independent entity and your personal finances aren't on the line for any future business debt.

Being an LLC can also help convince wary clients that your business is stable.

Where This Gets Messy
The catch is that you can be both a sole proprietor and an independent contractor at the same time, which brings up some questions: is an independent contractor a sole proprietor? Yes. Is a sole proprietor an independent contractor? Sometimes.

Sole proprietor refers to how you pay taxes, whereas independent contractor describes how you receive income. So if you make and sell artisanal soap online, you're a sole proprietor. Let's say a cosmetics company hires you as a consultant to design a new line of artisanal soaps - now you're also an independent contractor.

An independent contractor vs. LLC is a much clearer division because an LLC is registered through your state government. Although it's not complicated and can cost as little as $100, registering as an LLC can offer your business a little more flexibility than a simple sole proprietorship while maintaining many of the tax advantages.

Is the question of Sole Proprietor vs Independent Contractor vs LLC starting to make more sense? We hope so.

It Comes Down to Taxes
First, you have to understand the difference between an independent contractor and an employee. At the end of each year, an independent contractor receives a 1099 form from all their clients instead of the W-9 they would receive as an employee.

The 1099 lists all the year's income and the independent contractor pays taxes on it the same way any other sole proprietor does: using a Schedule C alongside self-employment taxes. These take the place of FICA payments that come out of your paycheck when you're an employee. But keep in mind, in the case of an employee, the employer also pays into FICA. As a sole proprietor, you'll be paying both the employer and employee's share.

In terms of taxes, an LLC lies somewhere between an independent contractor and a corporation. An LLC can help more than one owner avoid the double taxation that sometimes comes with being a corporation. If you are the only owner of your LLC, you file taxes with a Schedule C, just like a sole proprietorship. If you share ownership, there are a few additional requirements including a 1061 and K-1s for each owner.

Insurance: Know Your Options
The type of insurance you need is not directly tied to whether you have a sole proprietorship vs LLC, but there is a connection. For most businesses, liability insurance is critical and professional insurance may be worthwhile, and especially contractors insurance if that's what you do. However, the factors are a bit different if you own an LLC. Your personal finances are not on the line if someone decides to sue your business. On the other hand, taking on partners and employees may mean more insurance requirements. For example, some states will demand you provide workers compensation.

While this can seem like an overwhelming decision, keep in mind that the question and differences between independent contractor vs sole proprietor vs LLC are minor and probably won't affect you when you're just starting out. You can also change your business structure at a later date if you need to."

 

[MikeLewis999]

The application lumps sole and independent contractors on the same line item. So what’s the problem?

 

[toyota777]

About 25 minutes into today's Coronavirus Press Briefing, Secretary of Treasury Steven Mnuchin said:

"If you're an independent contractor, if you're a sole proprietor, you're eligible for this as well. That program won't be up and running until next week, but again, this is a very broad definition of small business. If you're an independent plumber, if you're an independent contractor, you're covered under this program.
Slightly more complicated. You need to come into your bank and give them a little more information. But starting next week, that part of the program will be up and running."

BTW I have a new habit on YouTube for spoken word videos. I click the Settings gear and change the speed to 150-175% for speech. For dialogue or questions, I slow it down. I get through these briefings a lot faster.

These are the same folks that keep telling you every day about social distancing but they're always jam packed in the tiniest room in the White House, elbow to elbow sometimes. You would think they move the press briefings to a much bigger room???

 

[bpm45]

These are the same folks that keep telling you every day about social distancing but they're always jam packed in the tiniest room in the White House, elbow to elbow sometimes. You would think they move the press briefings to a much bigger room???

Hydroxychloroquine and azithromycin. They're taking it.

 

[munlochi]

Is this https://uberpeople.net/threads/10k-disaster-grants.390140/ thread describing the same thing? If so, the SBA has been accepting applications from 1099/Sole Proprietors all week. Granted, they will probably not be processed until next week, but they're being processed on a First-In/First-Out basis.

BTW.. What governor Prikster said about the Illinois Unemployment Application website today was pretty disheartening. "It's 10 years old. We're not ready for this!". That, from the guy who shut down Illinois. He should be recalled and replaced with Blagojevich.

This is for the PPP loan which is different from the Disaster Relief one.

 

[SatMan]

Hydroxychloroquine and azithromycin. They're taking it.

to be sure...

 

[PeAceMaKer769]

So they are saying independent contractors can apply for PPP April 10th. I got an email from Chase explaining their very simple application process. So these PPPs are being handled where you apply directly with the banks.

But if you are an independent contractor and you don't have any payroll, are you eligible for the PPP (payroll loan)?

 

[DrvrChgo1]

So they are saying independent contractors can apply for PPP April 10th. I got an email from Chase explaining their very simple application process. So these PPPs are being handled where you apply directly with the banks.

But if you are an independent contractor and you don't have any payroll, are you eligible for the PPP (payroll loan)?

View attachment 442106 View attachment 442107

Even if you don't have employees and a payroll you might still be eligible for the PPP Loan because of other business operating expenses you may have
However, the EIDL should be your first "go to" source because 1)!the things it can be used for are more general. 2) UP TO a maximum of $ 10,000 will actually not have to be paid back... anything you would receive in excess of $10,000 WOULD then be in the form of a loan and repayable.

If someone is only a rideshare driver, they have no other businesses they operate then they probably would have no other business expenses that the $10,000 grant from the EIDL would not cover. What other business expense would a typical Rideshare driver have besides an auto loan, fuel & maintenance, mobile phone, auto insurance?

Exceptions may be unless you own a fleet of cars and hire others to drive those? Or if you have 1 or more other side businesses that are something other than Rideshare, then you may have need for the PPP loan as well.

But I don't think that having a payroll to meet is a REQUIREMENT to obtain a PPP Loan; it was designed to be the primary way to meet that need, though.

Here is an article that came out this morning from VOX that did a good job of explaining the differences and intentions and procedures for both the EIDL and the PPP.

https://www.google.com/amp/s/www.vo...ct-apply-small-business-loans-grants-ppp-eidl

 

[PeAceMaKer769]

Yeah I saw one article that said PPP was for payroll OR loans, lease, mortgage, and expenses. However, it said that the loan is only forgivable if 25% or less of the money goes towards the other things. 75% or more has to be on payroll for the PPP loan to be forgiven. But a .5% loan is fine by me. I don't need to be given the money I just need the loan. I will be able to pay back later.