can u start a business with a ppp loan

Best answer

Yes:but only if you were operational on February 15, 2020. Here鈥檚 everything you need to know about getting a PPP loan for a new business (and some alternative funding options). Sole proprietorships and contractors Sole proprietorships, contractors, and gig-workers are eligible for a PPP loan amount based on their net income.

People also ask

  • Are PPP loans available for small businesses?

  • PPP loans aren’t just for businesses with dozens of employees. The loans are also available to sole proprietors, independent contractors, and self-employed persons. PPP loans are available to small businesses through May 31, 2021.

  • Who is eligible to apply for a PPP loan?

  • The following types of businesses that were in operation on February 15, 2020 are eligible to apply for a PPP loan: any business with 500 or fewer employees whose principal place of residence is in the United States sole proprietors, independent contractors, or self-employed persons, and

  • Do you need an LLC to qualify for PPP loans?

  • You don鈥檛 have to have an LLC designation or a registered business to qualify for PPP loans. Sole proprietors, freelancers, and independent contractors can apply for PPP funding.

  • When do PPP loans start?

  • Community financial institutions began making PPP Loans on Jan. 11, 2021. The start date for small lenders with less than $1 billion in assets was set for Jan. 15, 2021 and PPP loans from all…

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