PPP Loan for Business with No Payroll?
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Hello. My wife & I have a startup that's a little more than a year old. At this point, we don't make enough to pay ourselves. We'd like to avail of the PPP not looking into the loan forgiveness aspect of it since we really don't have expenses to forgive but we'd like to avail of the loan for its terms. Will we qualify for it? Thanks & appreciate the responses.
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Hello @Pot2 ,
The SBA does allow for small businesses to apply for the PPP loan, provided that you claim the profits on taxes (1040-Schedule C). Please visit www.sba.gov/ppp for more information. I also find the 'how to calculate loan amounts' on that page helpful: https://www.sba.gov/document/support--how-calculate-ppp-loan-amounts.
To apply for the PPP loan through PayPal, please visit www.paypal.com/ppploan. Following your application, you will be asked to upload supporting documenation.
Good luck!
Jamie
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