PPP Loan for Business with No Payroll?

Pot2
New Community Member

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.   

Login to Me Too
1 REPLY 1

jamie716
PayPal Employee
PayPal Employee

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

Login to Me Too

Haven't Found your Answer?

It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.