who is qualified for ppp loan

Best answer

To help you determine your eligibility, below is a list of more than 150 occupations that can obtain funding through the SBA鈥檚 PPP loan program. The people who qualify include:small business owners, self-employed individuals, sole proprietors, those who operate non-profits, contractors and freelancers.

People also ask

  • Is my business eligible for a PPP loan?

  • For example, if a business wants to use the second quarter (Q2) of 2019 where they recorded $20,000 in gross revenue, they are eligible if they recorded a gross revenue of $15,000 or less in Q2 2020. If any of the following statements apply to your business, you are not eligible for any PPP loan.

  • How do I qualify for PPP loan forgiveness?

  • To qualify for PPP loan forgiveness, most of the money must be spent on payroll. The SBA (Small Business Administration) will forgive loans of PPP loan borrowers if certain criteria are met. These include:

  • What disqualifies you from a PPP loan?

  • General disqualifiers for the PPP loan 1 You were not in operation on or before February 15, 2020 2 You only employ household employees such as nannies or housekeepers (this is not considered a business) 3 An owner of 20% or more of the business has a prior fraud related criminal record More items…

  • Can I apply for a PPP loan in 2021?

  • 2021 PPP loan eligibility First draw PPP loans If the following statements apply to your business, you are eligible to apply for your first PPP loan in 2021. Your business was operational before February 15, 2020

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