PayPal ppp less than requested

[glm2017]

Applied 5/4 to both PayPal and lendio as an independent contractor (truck driver o/o). I started this "business" in 08/2019.

I already have docusign from PayPal. They based the amount off my schedule c net profit (2019) instead of the calculated first two months for new businesses.

I will generate 200k plus a year. It's my interpretation I should be eligible for the 100k max based on 1 employee (20883 loan amount).

Should I hold out for an offer from lendio or just take what I can get?

 

[613jono]

@glm2017 It’ll be the same situation. Guidance they have is to use schedule c. I’m in the same boat. I should get over $20k, my offers are $6k.

 

[glm2017]

@613jono Guess I'll take what I can get in that case. Good luck!

 

[liztaylor972]

@glm2017 Under current guidance, using 2019 net profit is the correct method.

 

[glm2017]

@liztaylor972 That makes sense. I've combed through several websites trying to get an understanding. I took a likely opinion as fact.

 

[jim_68]

@glm2017 Isn't the amount for 8 weeks of work, assuming we will be able to resume working come June but who knows?

 

[glm2017]

@jim_68 It's (I believe) 2.5x your monthly "payroll" so 10 weeks I guess?

 

[jim_68]

@glm2017 You’re probably right. I read somewhere you can apply for unemployment after two and a half months if stay at home orders continue.