If you`re an independent contractor who`s been hit hard by the COVID-19 pandemic, the Paycheck Protection Program (PPP) may be your saving grace. The PPP is a loan program created by the Small Business Administration (SBA) to help small businesses, including independent contractors, keep their workers on payroll during the pandemic. The loan can be used for payroll, rent, mortgage interest, or utilities.
Chase Bank is one of the many financial institutions that are participating in this program. The application process for independent contractors is slightly different from that of small businesses. Here`s what you need to know about the Chase PPP independent contractor application.
First, you need to make sure you`re eligible. To apply for PPP as an independent contractor, you must have been in business as of February 15, 2020, and have filed a 2019 Form 1040, Schedule C, which reports your profit or loss from the business. You must also have been negatively affected by the pandemic and unable to operate your business at full capacity.
Next, you need to gather your documents. The application process requires several documents, including your 2019 Form 1040, Schedule C, your 2020 IRS Form 1099-MISC, invoices, and bank statements. You`ll also need to provide documentation to prove that you were in business as of February 15, 2020, such as business licenses or tax returns.
Once you have all your documents, you can apply through Chase Bank`s online portal. You`ll need to create an account or log in to your existing account. From there, you`ll fill out the application and upload the required documents.
After you submit your application, it will be reviewed by Chase Bank and the SBA. If approved, you`ll receive the loan amount within a few business days. The loan is forgivable if you use it for eligible expenses and maintain your payroll for eight weeks.
In conclusion, the Chase PPP independent contractor application can be a lifeline for those who have been impacted by the pandemic. Ensure you`re eligible and have all the required documents before applying. Follow the application process thoroughly, and you`ll receive the loan amount to help sustain your business during these challenging times.