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PPP Loan Update

8049 Views 78 Replies 17 Participants Last post by  AllenChicago, 
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So April 10th is here and it's the turn for independent contractors to apply.

Unfortunately, almost every bank requires a business relationship or previous loan activity. I have Chase and I cannot apply without a business bank account.

I found a bank that it appears will accept applications without you being a previous customer or having a business account! Best of luck to all of us.

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ChrisFZ said:

Tip:
Had to view Turbotax tax return (PDF format) in Google Chrome to "Save As" "Custom" to breakout pages 6 and 7 for Schedule C submission.
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I went to most of those links. Thank you so much!

The best application by far is Veem: https://www.veem.com/sba-ppp/ It lets you enter SS# instead of EIN# and you are actually uploading the three financial documents required: bank statements, payroll calculator, and tax document. I just uploaded my Uber monthly reports. But I actually feel like they have all the information I could give them. It feels promising. I would try Veem everyone. For "payroll" just put your actual profits and be safe about it. It would still be a big check. Again Chris, thanks for the link. Fingers crossed here.

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AllenChicago said:
I think many Lyft/Uber drivers are confusing the PPP program with the EIDL (up to $10k grant) program.

This is the $10K Grant program that can be applied for via the Small Business Administration website.
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Don't you think it might be a tad confusing to put a link to the EIDL program on a thread titled PPP loan update?
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Anonymousdude said:
I'm following your advice and applying through Veem. What did you submit for the IRS Form 941? I only received your typical 1044, schedule C's etc.. I'm stuck on what do upload to upload for IRS Form 941.
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That is where I uploaded my Uber 2019 tax summary.
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There is unlimited uploads. I literally just uploaded everything I have. Tax statement, uber statements. you can upload bank statements too.
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1750. Cause I said pay was 700.
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I only asked for $1750 because last year I only had $1200 revenue with profit of $450. I’ve only been working full-time with Uber this year starting January. So I couldn’t ask for much. One application said the minimum to ask for was $1100. So I don’t know, I pulled the number out of a hat.
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Does this mean they are gonna send out the 1k this week then?
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Video shows this guy getting an email from SBA for EIDL loan. Second link has Interesting data here....seems like things are better in the south. Good thing is that 98% of people are getting the amount they requested for PPP loan.


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Seems like a lot of people are giving up on PPP. I probably won’t get a call on the bank as they stand to make about $35 from my application! Unless you asked for >$10,000 or possible $100,000 I don’t even think they will take a look.

I saw they hired a firm to help with EIDL loans. So I’m still hoping for that.

But Uber Eats is bringing in $30/hr for 40 hours now so I am okay. Just trying to use the loan to pay myself back for lack of earnings in late March.
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It looks too good to be true my gut said you faked that but then again I trust you so it’s real
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How much did you ask for?
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You'll probably get a dollar.
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US Bank just opened their application to contractors. It is super-easy and you can upload up to 15 documents of any type to prove income. (I uploaded Uber monthly earnings). Really the best application I’ve seen. Fingers crossed.
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Nice one. Which bank was it?
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Even I got an update. Although it’s not much.

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US bank rejected the pay statements from Uber and wrote I needed schedule C. They sent me the IRS guidance.

I wonder how new businesses that started in 2020 applied? How can they have a schedule C for two months of the year?

Bad guidance from IRS. SBA says you just need IC pay statements. Argh.
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Might be doable but seems like more of a hassle.
Im not doing UE (unEmployment). Just hoping for the loan.
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I did. It turned into Kabbage and never heard a peep from them
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Saw an article today that the second ppp authorization still has 60% of funds available. They might have more money than ppp applications that get approved. And even if the money authorized, few are actually spending it, many just holding it and planning to return it without using it.
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