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Old 03-02-2021, 09:36 AM
buddie65's Avatar
buddie65 buddie65 is offline
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Default PPP Loan Question

I found a qualified bank and submitted an application. It was followed up by the bank sending a copy of this from the US SBA Site:
I am a HFCC with no employees.

Eg: An Example from the from the SBA website :
1. Question: I am self-employed and have no employees, how do I calculate my
maximum First Draw PPP Loan amount? (Note that PPP loan forgiveness amounts will
depend, in part, on the total amount spent by the borrower during the covered period
following disbursement of the PPP loan.) (After it explains the financial calculations it states this:

Your 2019 IRS Form 1040 Schedule C must be provided to substantiate the applied-for
PPP loan amount. You must also provide a 2019 IRS Form 1099-MISC detailing
nonemployee compensation received (box 7), IRS Form 1099-K, invoice, bank
statement, or book of record establishing you were self-employed in 2019 and a 2020
invoice, bank statement, or book of record establishing you were in operation on
February 15, 2020.

Finally here is my question :} for those who are Sole P with no employees= Where and how would you acquire these 2 forms ? 1099-Misc & 1099-K ....
TY
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Old 03-08-2021, 12:49 PM
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284878 284878 is offline
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Sorry, you did not get an answer, you could message Tom Copeland on here or on his blog at www.tomcopelandblog.com and he should be able to give you some kind of answer.
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