Have any sole proprietors here been able to apply for the PPP loan? When applications for the program opened up on 4/3, it excluded sole proprietors until 4/10. They hadn’t even released the rules of how sole proprietors would apply until after 4/10. And of course, the money ran out on 4/9. I planned to apply when the new money gets released but my bank (Huntington) isn’t planning to accept new applications since they apparently have all the applications in process for the money they can access with the new funds. Every other bank I have talked to will not accept applications if you have not been a customer with them for 2 months. Does anyone have any ideas?
By the way, a note to Chip. You made the comment last night during the webinar that you didn’t understand why any practice has not already applied for the program. This is the reason why.
Dr. Sanderson:
I certainly put you in a different category, here. I know a number of practices who were never able to apply because their banks made it difficult.
I don’t understand your comment, however, about sole proprietorships not being able to apply. Do you mean, “Not be able to include their own incomes in the estimates?” Because you certainly have staff, etc., for whom you could have applied. I agree that the vagueries relating to K1 income (etc.) were not managed well until it was too late.
I’ve been successful with this one (got funding in first round with no prior relationship:
I am a sole proprietor. Got my PPP thru South State Bank. Just couldn’t use my pay as part of payroll.
When did you first apply? Applications for sole proprietors didn’t open
until 4/10, and the moneys had been depleted by then.
Chip:
The federal guidelines for the program stated that applications for sole proprietors were to wait until 4/10 to apply at which time they would release the rules for that category. Yes, in retrospect I could have applied earlier and not included myself as payroll, but that is not what the guidelines stated.
I never saw guidelines to that effect during any of this process! Where did you see that?
This is one of many references to it from google (including from
Treasury). Huntington Bank was where I learned about it initially.
Huntington stated that they didn’t even have guidance about what
information was needed in order to develop the application until that day.
Oh - right. You could apply for your business, just not use your own income as part of the application. I realize that’s suboptimal but it didn’t keep you from applying using your employee expenses, rent, etc. Fortunately, that restriction is not in place for this second round - make sure you call around town to find a bank who will take you or use Paul’s link above!
Applications for Pandemic Unemployment Assistance (PUA) will be accepted in CA starting tomorrow. . I don’t know if other states have this also, but does anyone know if it and the PPP are mutually exclusive? I just heard from my banker that my PPP is now being reviewed. NB: I have a TINY solo practice, no employees, and 2/3 of my tiny income last year came from locums tenens (“contractor”).
I also thought you could only apply through your own bank, later to find that many people got funding as they knew that you could:
1- apply through more than one source
2- find smaller banks and online sources to apply having no prior lending relationship.
Paypal.com has an application
Kabbage.com has an application
Celtic Bank in Utah let you apply without having an account, try a small bank near you and see if they will let you apply- can’t hurt to ask.
Good Luck
I still can’t find an answer to this question about whether as a sole proprietor without payroll AND independent contractor there is any restriction to my receiving both PUA and PPP. My CPA doesn’t know (!?) and suggested I ask SBA (yeah, right!), and the person handling the PPP (which was denied by my bank of 28 yrs, but approved in 24h by Biz2Credit) also has no clue.
Can anyone help me find the answer, as I’d hate to go to jail. 
I’m assuming PUA means Pandemic Unemployment Assistance. The answer is no, you can’t use both (at least, not for the same time period.)
This is EXACTLY what I needed & couldn’t find! THANK YOU!!