Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underserved communities. Additionally, a reserve of funds remains for applications previously submitted but not yet reviewed by the SBA. If you have already submitted your loan application, however, this does not guarantee you funding.

Free PPP forgiveness consultation: [ Ссылка ]

The Paycheck Protection Program loan can be completely forgiven if you spend it on the right things, and if you prove those expenses.

The thing is, PPP forgiveness works differently for sole proprietors and independent contractors, the biggest difference being the concept of “owner compensation replacement” which greatly simplifies the loan forgiveness process. Here’s everything you need to know.

Download the PPP loan forgiveness checklist: [ Ссылка ]=

Need more info? Read the full article here: [ Ссылка ]=

Chapters:

0:00 Intro
1:25 Sole Proprietorships
2:20 Owner Compensation Replacement
4:25 Conclusion

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