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Re: New round of PPP funding FAQs

Thank you!  This helps explain alot of what im seeing.  Thanks for taking the time to help me out.

Message 11 of 150
20,939 Views

Re: New round of PPP funding FAQs

Does this mean square is releasing apps today ? 

Message 12 of 150
4,560 Views

Re: New round of PPP funding FAQs

Our local banks wont even take my application until a week from now. Saying they are only servicing those who had their first loan through them.  She also stated they have been swamped with apps today and i needed yo try to get mine done here asap.  

Message 13 of 150
2,985 Views

Re: New round of PPP funding FAQs

I had the same answer from my bank. Waiting for Square...

Message 14 of 150
1,811 Views
Beta Member

Re: New round of PPP funding FAQs

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Message 15 of 150
3,117 Views

Re: New round of PPP funding FAQs

Likewise. I got my first round via Square but it seems like after emailing me reminding me daily about the second round, they have disappeared so it looks like applying via another lender is the best option so we don’t miss it. Kinda disappointing

Message 16 of 150
3,615 Views

Re: New round of PPP funding FAQs

Will square be able to use square payroll to make it easy for loan forgiveness on the new ppp like the 1st? For example! We have to prove we had a 25% decrease in sales. Cant square just pull that up from our square point of sale? Thank you all in advance and good luck to all other small businesses applying as well!

Message 17 of 150
22,673 Views

Can I add Uber to my business for PPP loan

I have a driving business but I also made income through Uber. Can I add that to the second round of PPP loans

Message 18 of 150
21,126 Views
Beta Member

Re: Can I add Uber to my business for PPP loan

@Damien_H I’m not an attorney, accountant nor did I stay at a Holiday Inn Express last night.  🤣. But here’s how I understand things.

 

If your “driving business” and your Uber income are reported on your tax return as a sole proprietorship with you as the owner (you are filing a Schedule C on your tax returns), then you can usually combine income for the purposes of the PPP.  There are very specific rules for how sole proprietorships without employees can claim both sales reductions and what the forgiveness threshold will be.  It’s complicated and worth having someone with actual credentials look it over.

 

If either business is an LLC or other legal company, however, then you can only claim income that the particular business entity earned, as well as payroll costs paid by that entity.  So, if your driving business is an LLC or something similar, you have to try for two PPP loans — one for it, and the other for income lost in your Uber side hustle in 2020 as compared to 2019.

 

There isn’t enough information in your question to say much more.  Rather than do something that will cause you to be on the hook for PPP money (or worse yet cause you to be charged with fraud by the SBA), it is always a good idea to speak with a good CPA before proceeding.  How did you do it for your first round of PPP?

Chip
Message 19 of 150
17,945 Views

Re: Can I add Uber to my business for PPP loan

Thanks for the response Chip. For my first PPP loan I just used the driving business which I am a sole proprietor. I didn’t use the Uber at all. On my schedule C tho high incomes are combined. Which in turn makes me think I probably lost out on some income last go round. 

Message 20 of 150
10,008 Views