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@dogwoodtree Yes, more than likely. Unless your profit and loss statements were sufficient, but I would email your loan specialist and ask. They’re starting to realize that those of us who applied early on weren’t required to send schedule C. You can always estimate, but I would say knock out...

@liztaylor972 It could’ve been worded better, sure. Again, this is my first post. My reasoning for providing 1099 was clearly highlighted in point A though. Which was that I wasn’t asked of it, and it wasn’t a requirement at the time. Point B was an addendum furthering my concerns.

@liztaylor972 You’re certainly right w/ that analogy. It has been a nightmare of a ride. But when I applied, it was open for independent contractors. And again, I didn’t provide my schedule C because it wasn’t a requirement at the time nor was it asked for after the fact.. not because it would...

@liztaylor972 I didn’t inflate my net earnings. When I filed for PPP the system was new, and the requirement was to submit my 1099-MISC, divide that income by 12 and multiply that by 2.5. There was NO requirement for a Schedule C. Nor did my loan officer ask for one. Nor did Lendio, Ready...

@fender57 I’ve been in touch with my loan officer pretty much daily. Fortunately I got my docs and signed on May 1st, so I dodged the “double signing” w/ Ready Cap and Customer’s Bank, and only had to sign once w C.B. I provided bank statements and a blank check, as those were the only items...

@vitfitprayer If you know that you screwed something up, then I’m with you. Better safe than sorry. I still feel as if PUA is a viable option if you’re without work right now. Although I didn’t “mess up” anything on my docs/app, personally, I’m still concerned about the language around the PPP...

@vitfitprayer You may not have to return the money given that you were approved for the loan based on profit/loss anyway. My situation is different in the sense that I only submitted my 1099-MISC, and wasn’t asked for Schedule C (profit/loss). So when I do go to file my 2019 taxes, In order to...

@vitfitprayer Worst case I believe we have until May 14th (someone correct me if I’m wrong) to return the loans. The original date would’ve been tomorrow if you already received your loan

@vitfitprayer And this is the point I’m raising here.. for many of us single entities, the PPP loan was a last hope to get funds after weeks and sometimes months of no work. We don’t have employers to get proper unemployment, and had to wait until around 2 weeks ago to get our own PUA portal...

@setfree1983 I feel like the PPP, although intended for small businesses, was really more catered to those who have employees. IMHO there should’ve been a separate program for independent contractors and self employed individuals that had different rules/regulations surrounding it.

@setfree1983 Same! I didn’t have a loss but I “broke even” basically. Fortunately you’ve got your docusign though which means, pending a tragedy, you’re getting funded. This is what mine and other colleagues of mine’s loan officers have told us. And despite the SUPER long drawn out wait, drama...

@joeriley As long as you give them your net profits, you’re good. In your situation it just so happened to be through Quickbooks rather than Schedule C which is fine. So you’d be able to get about 73.5% forgiven automatically (net profit divided by 52, times 8). The rest can be used for...

@fender57 PM’d you

@fender57 What bank/fintech co did you apply with?

First post here so go easy on me.. Has anyone else received PPP funding after SOLELY sending in 1099 MISC? (So no Schedule C) As for my situation, I’m an independent contractor w/ 0 employees & filed for PPP as soon as it was available. (Recording Engineer/Producer) Originally there was...