- Are you a solopreneur?
- Do you like free money?
- Is your business based in the United States?
Because, if so, there’s never been a better time to apply for a PPP loan.
The whole article is worth a read. Here are some relevant bits from the INC article:
Starting as soon as Monday, sole proprietors, independent contractors, and self-employed individuals may apply for a PPP loan equivalent to the figure listed on line 7 of their Schedule C tax form–that is, their gross income. Previously, businesses needed to list their net income, or line 31 on the form, which removes taxes and other expenses from the calculation.
First, it’s unclear if the upsizing of the loan will be retroactive for those who’ve already received a first-draw PPP. …this question may get cleared up by forthcoming guidance the SBA is expected to offer along with the updated application. Under current rules, Bradley notes, you wouldn’t be able to go back and get that additional money. But he adds, the SBA may alter this rule.
If you haven’t applied for PPP2 yet, this is a great reason to apply. (And if you haven’t applied for PPP1, get on it!)
Want more information on PPP2? Make sure you read Bench’s excellent summary of what you need to know: https://bench.co/blog/operations/second-ppp-loan/