Covid relief loans, such as the Economic Injury Disaster Loans (EIDL) and Paycheck Protection Plan (PPP) loans, have provided millions of businesses with critical funding. But with hundreds of pages of ever-evolving guidance about these loans and grants, it’s no surprise that many business owners find themselves confused and unsure where to turn for help with their PPP and EIDL questions.
At Nav, we’ve written extensively about both the Paycheck Protection Program and EIDL, and as a result, we’ve responded to hundreds of questions about these programs. Some of these questions are easy to answer, for example:
“Can I get a PPP loan if I am an independent contractor?”
Answer: Yes, based on income reported on your Schedule C tax form.
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“How can I apply for the Targeted EIDL grant?”
Answer: You must wait for the SBA to email you to apply. You will only get an invitation if you applied for an EIDL grant in 2020.
Others can be more complicated, such as this one we recently received on our blog:
“I am a 100% owner of an S Corporation and I take a paycheck. I am trying to apply for the 2nd PPP loan, but the bank is asking for Q1 2020 Form 941 to show number of employees and to see if I was in business. I was in business for all of 2020, but did not take a paycheck for Q1 2020, so I reported a zero on Form 941. Since there was no payroll for January-March 2020, but I am using my 2019 numbers to apply, will this zero return disqualify me for the 2nd PPP round? My gross sales were down the required 25%.”