@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 Capital, or Customer’s Bank ask for one.
I will, however, be returning the PPP loan unless my CPA gives me better guidance. The main point of this post is to highlight the inconsistencies in applying for and receiving PPP funding. Even the regulations and guidance given by the gov’t has changed since I first applied. The problem is, I had ALREADY applied and been approved! And as of today (5/7) funded.
How in the WORLD do three separate entities even allow for this to happen in the first place..? I mean c’mon. Between Ready Cap, Lendio and Customers bank, if they needed Schedule C from me why was it never requested? They’ve asked for bank statements, a 1099, Identification and a blank check from me. Provided that and got the loan. If the gov’t decides to change the language behind the loans during their second round of funding, am I truly the one at fault here for doing and providing exactly what was asked from me?