Can You Get a PPP Loan Without an LLC?

Learn how to get a Paycheck Protection Program (PPP) loan without an LLC from an expert's perspective. Understand eligibility requirements and how to maximize forgiveness.

Can You Get a PPP Loan Without an LLC?

Any limited liability company (LLC) or other business entity that has already applied for a Paycheck Protection Program (PPP) loan and has excluded the income of its owners from the calculation of the approved loan amount should contact their lender immediately if the loan has not yet been funded. There may still be time to modify the application to increase the PPP loan amount. The information in this publication is based on laws, judicial decisions, administrative decisions and materials of Congress that existed at the time of creation and should not be interpreted as legal advice or legal opinions on specific facts. In some cases, the underlying legal information changes rapidly due to the COVID-19 pandemic. The information in this publication is not intended to create, and its transmission and reception do not constitute, an attorney-client relationship.

Contact your legal advisor for advice on specific situations. Partnerships are eligible for PPP loans, but there should be only one application per association. Partners cannot apply separately as self-employed individuals. If your bank's PPP request required proof of payroll (the purpose of your request is to recover part of your income, not to pay for a mortgage or utilities), but you don't have a payroll, loans are provided by FC Marketplace, LLC, and loans to California residents are provided in accordance with their California funding license (no.). We received a PPP loan with the intention of dedicating 75% or more to payroll costs, some guidance on how the Small Business Administration (SBA) will review your balance before the 8-week period and determine if you really need the loan and if your forgiveness was justified. The SBA application for the PPP is addressed to self-employed workers with only one C using their gross income, not to “autonomous” joint ventures, in which the gross is divided between spouses.

People affected by the COVID-19 pandemic who could qualify for PPP loans include small businesses, sole proprietors and self-employed individuals. Although it's for second-draw loans, calculating the maximum loan amount works in a similar way for first- and second-draw loans, except for the North American Industry Classification System (NAICS) code of 3.5 to 72. Your article states that, for a self-employed person without employees, line 31 of Annex C of the Internal Revenue Service (IRS) Form 1040 must show a net benefit amount to qualify for a PPP loan. In fact, full forgiveness generally requires companies to use at least 60% of PPP funds for payroll-related expenses over specified periods of time.