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PPP Loan Update

8044 Views 78 Replies 17 Participants Last post by  AllenChicago
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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How much did you ask for?

Formula is gross earnings divided by 12 * 2.5
I don't think he's messing with us. What do you mean that you said pay was 700?

They're asking for your yearly gross sales so how much did you earn on uber, pre deductions and fees?

So lets say its 4k a month, that'd be 48k yearly. Formula is yearly/12 and then times it by 2.5 months. So the most you could ask for is 10k. If you use it to pay yourself (75%) and the other 25% for maintenance. It could be forgivable.

Terms are:

2 years, no payments first 6 months, 1% interest rate

By taking PPP you cannot file for UI. It's a loan to pay yourself or your employees if its more than just you.
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When the paycheck Protection Program is funded and opens again later this week, make sure you apply as soon as possible, if you want this low interest rate business loan.

The nation's farmers and ranchers will be participating this time.

Don't apply with a major bank or a community bank. FinTech like Paypal is the best, quickest choice. Bank of america is like Uber support. 15 days after applying and submitting my documents I got an email saying hey we got your documents! Jerks.

Choose PPP or you choose unemployment.....you better know what the **** you're doing...

You can choose both. You just have to do it right. While you are on PPP for the 8 weeks no unemployment. Gotta document the crap out of that 75% payroll so you can get forgiveness. Most uber drivers if they are doing things right and it's their only gig would be better off going the unemployment route the whole way because their net income on 2019 should be pretty low with deductions thus making the PPP loan pretty low as well
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Yeah that makes sense. Lots of place were still taking applications

At this moment there are only 1 nos and 1 marked as present so far. So it passed off to Trumpy
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