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.
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
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!
@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?
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.