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U.S. SBA Loans?

Discussion in 'General Business' started by jrbiz, Apr 6, 2020.

  1. #1
    Is anybody in the U.S. chasing after the new SBA loans that can be totally forgiven if they are used for payroll? My understanding is that these loans can also be accessed by sole proprietorships and freelancers, too.

    My accountant is looking into it, though I am not sure that my small online business will actually qualify for much, since the payroll is quite small and we run it to be mostly breakeven income-wise every year.

    Just wondering if anyone has had positive or negative experiences with the process and any tips about it?
     
    jrbiz, Apr 6, 2020 IP
  2. JoeSpirit

    JoeSpirit Well-Known Member

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    #2
    I hadn't even thought about it myself mainly because I don't have a payroll.
     
    JoeSpirit, Apr 6, 2020 IP
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  3. jrbiz

    jrbiz Acclaimed Member

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    #3
    You don't need one, is my understanding. Sole proprietorships and freelance businesses can apply for up to 2.5 months in income (no matter how you pay it to yourself) and then have it all forgiven if you use it to continue to pay yourself. Worth having your accountant look into it.
     
    jrbiz, Apr 6, 2020 IP
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  4. JoeSpirit

    JoeSpirit Well-Known Member

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    #4
    I'll have to look into it.
     
    JoeSpirit, Apr 7, 2020 IP
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