Complimentary Book Preview Money-Smart Solopreneur
There is a significant level of frustration by small enterprises operating as single proprietors and wanting to have a Paycheck Protection Program (PPP) loan. The speed of the stimulus roll out and sporadic SBA guidance regarding protocol for sole proprietors to make matters worse, many bankers and loan officers have been overwhelmed by the number of applications.
Then there is certainly the historic, perpetual confusion provided by many people associated with self-employed in connection with distinction between separate contractors and workers. Regrettably, many of these facets converged simultaneously within the month that is past rendering it very hard for small-business owners to make use of precisely for the PPP — and lots of have actually merely abandoned wanting to use.
My hope would be to offer some quality for single proprietors across America desperately wanting to get yourself a PPP loan prior to the cash runs out. Let’s begin by obtaining a few facts out up for grabs before continuing.
Key Ideas when it comes to Self-Employed
Being a completely independent specialist means you might be a small-business owner or single proprietor.
Getting more than one 1099s constitutes as a contractor that is independent.
As an unbiased specialist or single proprietor, you’d register a Schedule C together with your 1040 taxation return every year.
Spending employees by having a 1099 just isn’t having workers. You would issue W2s and pay employment taxes and Workers Compensation Insurance if you did have employees. Continue reading