Could your business use some extra capital? Of course! Every business owner could use more money. If you’re running a business and need some additional funds, we’ve got some good news and bad news for you.
The Good News
Businesses that meet certain criteria qualify for the Paycheck Protection Program (PPP). If you qualify for it, you definitely want to take the government up on this offer.
They call it a loan, but these loans are forgivable (meaning they don’t have to be paid back) if they’re used for proper business expenses. In addition, the expenses you pay with the PPP money are tax-deductible.
Sounds great, right? It’s a big opportunity for all kinds of business owners. To make things better, The PPP Extension Act of 2021 has extended the program to May 31st or when the money runs out.
The Bad News
Read that extension info again, “…by May 31st or when the money runs out.”
In other words, this money might be gone fast. We’re talking within a couple of weeks.
If you don’t take advantage of this chance and complete your application right now for a first-or second-draw, you’ll be missing out on getting much-needed funds for your business.
Do I Qualify for the Paycheck Protection Program?
You qualify for the loan if you:
- File your taxes on Schedule C of your tax return. Businesses that file on Schedule C include independent contractors, single-member LLCs, proprietorships, and statutory employees, such as life insurance salespeople.
- File your taxes on Schedule F (ranchers and farmers).
- Are a general partner in a partnership, but the partnership asks for and receives the money based on your and the other partners’ combined self-employment incomes, as adjusted.
- Operate as an S corporation.
- Operate as a C corporation.
- Are the only worker in the business.
- Have employees whom you pay on a W-2.
The chances are pretty good you meet at least one of those criteria, and that’s all you need to get the loan. So, what are you waiting for? Fill out that application ASAP and get some financial relief!
If you have any questions or need assistance, we can help.
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