Posts tagged first-time borrowers.
The Economic Aid Act authorizes new PPP loans for first-time borrowers, as well as applications for a Second Draw PPP Loan for those that already received a loan last year. This alert addresses the requirements and issues for the self-employed and sole proprietors with no employees, who wish to apply for a Second Draw PPP Loan under the new law.
Requirements:
If you are self-employed/or a sole proprietor, with no W-2 employees, and you report income from your business on your personal tax return (Form 1040/Schedule C), and if you qualified for a First Draw PPP Loan and would continue to ...
Posted in: COVID-19
Tags: COVID-19, Economic Aid Act, first-time borrowers, PPP Loans, Second Draw PPP Loans, Self-Employed, Sole Proprietors