If I am an independent contractor, or sole proprietor, how much can I qualify to borrow under the PPP?
An independent contractor, or sole-proprietor, can qualify for 2.5 times their monthly net income as reported on their 2019 taxes. This requires that you at least have a copy of your 2019 taxes, even if you have not submitted them yet.
While banks were supposed to be ready on Friday to issue PPP loans for sole proprietors, and independent contractors, only a limited number of banks have launched their programs. While this is discouraging, we may be able to pair you with a bank that is already accepting applications. As always, community banks are your best bet for the PPP program, as they are way more anxious to form relationships with new customers, and win their business by processing their applications expeditiously.