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A few changes and clarifications have emerged to the Paycheck Protection Program, or PPP, since we penned our blog post. Here’s a link to an up to date article from Forbes.
A few key points:
- To be clear: sole proprietorships, independent contractors, gig-economy workers and the self-employed are eligible.
- Payroll costs for the independent contractor or sole proprietorship includes wages, commission, income or net earnings.
- Collateral and personal guarantees are not required.
- Interest rate is capped at 1% per annum (Yay!).
- Maturity is two years (Boo! Call your legislators).
- Not really a change, but our fears have been confirmed: dealing lending banks under this program has proven confusing and difficult in the early days to many. Some of this is down to how quick this program was rolled out and resulting confusion on procedures and policies, but some of it appears to be down to the traditional motivations of lenders to be conservative. Approach them with your records in order, shop around, and be relentless!
Let us know if you have any questions. Please keep in mind that clarifications are appearing quickly for both the EIDL and PPP programs and there is talk of another round of legislative aid – we’re monitoring developments and will post updates as we see them.