As of April 10th, Sole Proprietors and Independent Contractors were eligible to apply for the Paycheck Protection Program. On April 14th, the SBA/IRS issued guidance on how exactly they could apply. Of course on April 16, the SBA ran out of the appropriated money for the program. But since only a fraction of the organizations that need help received it, we at Praxia Partners, expect congress to issue more funds to the PPP program soon.
Our advice is to get your ducks in order so that you’re ready to go if and when the program opens back up, since it will likely once again be first come first serve.
To that end, we dug into the newest guidance to spell it out for you. So if you’re a sole proprietor, grab your 1040 Schedule C, and 2019 IRS Form 941, and let’s get your application ready.