Who Can Qualify For PPP?

Who is entitled to PPP?

PPP Eligibility Any business categorized under “Accommodation or Food Services,” such as restaurants and hotels that have 500 or fewer employees per location.

Tribal businesses.

Independently owned franchises.

Self-employed workers, independent contractors, gig workers, and sole proprietors..

Who is not eligible for a PPP loan?

Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except as Eligible Passive Companies under 13 CFR § 120.111) are not eligible.

Can you be denied PPP?

If you were denied PPP loan funds, you might want to review your PPP application for possible errors. For example, one number off on your Employer Identification Number could automatically deny your application. Make sure your application is forthright. … If not, try another PPP lender.

Do partners qualify for PPP?

Partnerships are eligible for PPP loans under the Cares Act, and the Administrator has determined, in consultation with the Secretary of the Treasury, that limiting a partnership and its partners (and an LLC filing taxes as a partnership) to one PPP loan is necessary to help ensure that as many eligible borrowers as …

Should I apply for PPP?

Even though funds can be depleted, it’s still a good idea to apply for a PPP loan. Applying as soon as possible means that when the program receives additional funding, your application will already be in the queue. As the PPP gets more funding, you want your application to be at the front of the line.

What is needed for PPP?

Documentation Needed for PPP Loan Forgiveness Documentation verifying the number of employees on payroll and pay rates—including IRS payroll tax filings and state income, payroll, and unemployment insurance filings. Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities.