You’ve heard about that Small Business PPP loan that you don’t have to pay back. Did you know that if you drove for Uber, walked dogs, or had any business impacted by COVID-19, there might be a forgivable loan out there for you?
I say get in there and grab some free candy. We are all going to have to pay for that candy later in the form of higher income taxes, sales taxes, and/or a raised floor on allowable deductions. So, do it now so you won’t feel like you are getting gouged later.
There is about $120 Billion left in the program. If your bank, like mine, is no longer accepting applications for the Small Business Association’s Paycheck Protection Program, there’s another way.
Go to Kabbage.com and see where you stand. It was there that I found out that there is no candy for landlords. Oh well.
If you are one of those Uber drivin’, dog walkin’, non-fancy entity businesses, you’d apply as a “Sole Proprietor”. The Kabbage site was pretty easy to follow. You’ll also need to consult your 2019 tax return Schedule C where it shows on line 31 exactly what you made in your sole proprietor biz. Give it a try!