Comments on: PPP Loan Amount Increases After-the-fact

By: Kayc

Kayc — Fri, 07 Aug 2020 12:49:15 +0000

Have the same question – following.

By: Jen

Jen — Thu, 06 Aug 2020 17:11:47 +0000

We have 1099s, but how are we to know if they filed for PPP themselves? Aren’t they considered sole proprietors or independent contractors, so would be eligible to file? We would love to apply for additional funding to cover the costs of paying them. Just wondering how that would work?

By: Stephen Nelson CPA

Stephen Nelson CPA — Thu, 06 Aug 2020 03:31:33 +0000

In reply to Antonio Rodriguez.

Your credit rating doesn’t matter for a PPP loan. The loan formula just looks at payroll costs and at the 2019 business owner’s profits.

You might find this earlier post useful for getting up to speed: http://evergreensmallbusiness.com/paycheck-protection-program-loan-small-business-life-saver/

By: Antonio Rodriguez

Antonio Rodriguez — Thu, 06 Aug 2020 01:36:44 +0000

Hi, I’m Antonio Rodriguez
Applied for this loan and it was dinied.
I sent a letter explaining that 3 years ago I had an accident and I had to take therapy for a year por this reason my credit is not in good shape and I really appreciate they can reconciderate this loan, now I am ready and willing to work.
They answered me that they want to see my 2019 incomtax and I sent it out and now I am waiting for their answer.