Paycheck Protection Program Borrower Application Form Schedule C Filers
This document is the Borrower Application Form for Schedule C Filers Using Gross Income under the Paycheck Protection Program, revised as of March 18, 2021. Applicants who file IRS Form 1040, Schedule C, and use gross income to calculate their PPP loan amount can use this form. Ensure you meet the eligibility requirements and fill out the form as instructed.
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How do I fill this out?
To fill out this form, you need to carefully read and follow the instructions provided in each section. Make sure you complete all required fields accurately. If you have any questions, refer to the guidelines or seek professional assistance.
How to fill out the Paycheck Protection Program Borrower Application Form Schedule C Filers?
1
Download the form.
2
Enter your business information and select the applicable options.
3
Calculate your gross income and loan request amount based on the instructions.
4
Select the purpose of the loan and list all owners with at least 20% equity.
5
Answer the eligibility questions and sign the certifications.
Who needs the Paycheck Protection Program Borrower Application Form Schedule C Filers?
1
Sole proprietors who file IRS Form 1040, Schedule C and use gross income to calculate their PPP loan.
2
Independent contractors seeking a PPP loan based on gross income.
3
Self-employed individuals who need to apply for a PPP loan.
4
Single member LLCs that file as self-employed and need to apply for a PPP loan.
5
Qualified joint ventures seeking PPP loans under the same criteria.
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What are the instructions for submitting this form?
To submit this form, ensure all fields are accurately completed, and required documentation is attached. You can submit the form via email to the appropriate SBA office, through an online submission portal if available, or by mailing it to the specified SBA address. Always verify the submission method and address from the most current guidelines on the SBA website. My advice is to double-check all information before submission to prevent delays or rejections.
What are the important dates for this form in 2024 and 2025?
Ensure to check for any updates regarding important dates for 2024 and 2025, relevant to PPP loan applications, as these may affect submission deadlines and eligibility.
What is the purpose of this form?
The purpose of the Paycheck Protection Program Borrower Application Form for Schedule C Filers Using Gross Income is to enable eligible applicants to apply for a PPP loan based on their gross income as reported on IRS Form 1040, Schedule C. This form is designed to simplify the loan application process for sole proprietors, independent contractors, and self-employed individuals. By providing accurate business and income information, applicants can determine their loan amount and request the necessary financial support. The form also includes sections for demographic information, eligibility questions, and certifications to ensure all required data is collected.
Tell me about this form and its components and fields line-by-line.
- 1. Business Legal Name: The official name of the business applying for the PPP loan.
- 2. Business Address: The physical address of the business (no P.O. Boxes allowed).
- 3. DBA or Tradename: The name under which the business operates, if different from the legal name.
- 4. Year of Establishment: The year the business was established.
- 5. NAICS Code: The six-digit code that classifies the business's primary activity.
- 6. Business TIN: Tax Identification Number, such as EIN, SSN, or ITIN, for the business.
- 7. Business Phone: The primary contact number for the business.
- 8. Primary Contact: The name of the person who can be contacted regarding the application.
- 9. Email Address: The email address for communication about the loan application.
- 10. Total Amount of Gross Income: The total gross income amount from Schedule C, Line 7 of IRS Form 1040.
- 11. Number of Employees: The total number of employees, including owners.
- 12. Applicant Ownership: List of all owners with 20% or more equity in the applicant business.
- 13. Demographic Information: Optional information on veteran status, gender, race, and ethnicity of the principal.
- 14. Eligibility Questions: Set of questions to determine the eligibility of the applicant.
- 15. Certifications: Certifications by the applicant regarding the accuracy and truthfulness of the information provided.
What happens if I fail to submit this form?
Failing to submit this form may result in the inability to receive a PPP loan.
- Loss of Funding: You will not receive the financial support needed to sustain your business.
- Missed Deadlines: Failure to submit on time can result in missing critical deadlines for loan applications.
How do I know when to use this form?
- 1. Sole Proprietors: For businesses owned and operated by one person.
- 2. Independent Contractors: For self-employed individuals who perform services independently.
- 3. Self-Employed Individuals: For individuals who own and run their own businesses.
- 4. Single Member LLCs: For limited liability companies with one member filing as self-employed.
- 5. Qualified Joint Ventures: For self-employed partnerships that meet IRS qualifications.
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