Can you apply for ppp loan without a business?

The SBA has updated the guide on how to apply for a PPP loan if you are self-employed. Here's what you need to know before you apply. Self-employed workers and independent contractors apply for PPP loans in the same way as other small businesses. You'll need to determine your eligibility, calculate your loan amount, determine the use case for your PPP loan, and then submit an application to an SBA-accredited bank.

Non-bank lenders, such as commercial real estate lenders and microloan companies, are accepting applications for PPP loans. You can find a complete list of non-bank lenders that accept Forbes PPP loan applications. Banks are subject to a number of regulations, such as Know Your Customer and the Bank Secrecy Act, which strictly govern how a financial institution can collect and process your request. However, the Treasury has warned that PPPs can affect unemployment, so you are supposed to declare your PPP loan forgiven to the state unemployment agency for as long as you use it to pay yourself.

If you don't qualify for the PPP, you may want to study pandemic unemployment for self-employed workers. That said, it will be much easier to apply for the PPP if your accounting is up to date and you have kept a good record of your company's income and expenses. This can make it difficult for a self-employed person or independent contractor to seek out a small loan for the first time. The SBA application for the PPP is addressed to self-employed workers with only one C using their gross, not to the “autonomous” joint venture, in which the gross is divided between the spouses.

The Chase bank tells small businesses that if you want these new loans, you'll have to go to another lender. I was approved for the PPP loan, but I only requested the amount to cover my employees' paychecks. California loans granted pursuant to the California Financing Act, Division 9 (beginning with Section 22000) of the Financial Code. Information provided by the SBA to lenders indicates that a lender can cancel a PPP loan application and file a new application on behalf of the borrower until the loan funds have been disbursed to the borrower, but the lender has not submitted Form 1502 (stating the loan) to the SBA.

There are other larger subsidies and loans that some companies may be eligible for, so do some research and talk to an accountant to find out what funding options may be available to your company. I am now in limbo because I am not eligible for PPP loans that would keep my company afloat and put me on the right track, since the process of reopening companies is currently underway following the blockages caused by the Covid-19 pandemic.