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Can I qualify for a PPP loan if my income from 2019 and 2020
Can I qualify for a PPP loan if my income from 2019 and 2020 was schedule c and I filed and operate as an LLC (c-corp taxed) this year?… read more
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Elizabeth
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More funding for sole proprietors, independent contractors,
More funding for sole proprietors, independent contractors, and self-employed individuals. The loan amount formula for these businesses will change from using net profit to gross income (from IRS tax … read more
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If I apply for the second draw on the ppp loan, can that
If I apply for the second draw on the ppp loan, can that readjust the amount of the round 1 ppp loan? or is there a separate process to readjust the loan amount for the first ppp loan. Our 2020 payrol… read more
Joy
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I have a question about the SBA ppp loans. Answer 14 seems
I have a question about the SBA ppp loans.Answer 14 seems ambiguous to me: ============================================================== https://www.sba.gov/sites/default/files/2021-01/Paycheck-Prote… read more
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Ppp 2nd draw. single member llc had a loss in 2020 but 2
ppp 2nd draw.single member llc had a loss in 2020 but 2 quarters of 2020 it experienced more than 50% lower revenue tan the same 2 quarters in 2019. this llc received ppp loan during first draw. is it… read more
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PPP Loan Question: Can I apply for the “second round” of PPP
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I am looking into my ppp application with the lender. these
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I heard new ppp $ is available. 1. i heard about 25% loss in
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Long time no chat. Lol. Happy Holidays! Question: Single
Hey!Long time no chat. Lol. Happy Holidays!Question: Single member LLC applied for PPP and was approved. Is there any rule as for the amount of the loan? I don't remember what was the formula. I think… read more
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Very specific question about ELIGIBILITY for PPP. Scenario.
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Ref my last question. This is very important that I
Hey - Ref my last question. This is very important that I understand. You are very clear when you say that if business C had a loss, then business C was not eligible for ppp. However I need to know if… read more
Carter McBride
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Very specific question about ELIGIBILITY for PPP. ALL LLCS.
Hey - Very specific question about ELIGIBILITY for PPP. ALL LLCS. SCENARIO:Owner of 3 SINGLE MEMBER LLCS. Single member LLC owner includes in federal tax return the 3 single member llcs in schedule c,… read more
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SCENARIO BACKGROUND llc registered in texas on july 2018. 2
Hey there:SCENARIO BACKGROUND llc registered in texas on july 2018. 2 members: manager plus me. llc registered as managed by manager. Manager name shows on ein letter. sept 2018 i make amendment with … read more
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1. LLC single member foreign national partners with a us
1. LLC single member foreign national partners with a us permanent resident. what is the min % that the permanent resident needs to own to apply for s b a loans?2. corp c, one owner (foreign national)… read more
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Need to find a solution to remedy/cure the situation. The
Hello -Need to find a solution to remedy/cure the situation. The main problem is lack of knowledge and missunderstanding of the ppp program, business laws and quite frankly to the extremely limited av… read more
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Question about ppp. I heard that it is a requirement for ppp
Hello - Question about ppp. I heard that it is a requirement for ppp of single member llc that company has a profit shown in schedule c. seems unfair what if the company had a loss in 2019, but is in … read more
Carter McBride
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McBride: Scenario 1: Single member LLC, no 'employees'. Has
FOR Carter McBride:Scenario 1: Single member LLC, no 'employees'. Has contractors doing all the 'employee' work. gets SBA EIDL.Question. LLC has credit card debt, needs to pay for marketing expenses, … read more
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I've been asking you for insight and education about pay
Hello - I've been asking you for insight and education about pay check protection plan. I have an llc. I do not have employees . I am the only owner. I do not get paid with w2. I hire contractors do d… read more
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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