Required Documents: Self Employed and Contractors

eSignature and Documents Exchange

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Include a business ownership schedule that specifies for each owner:

• First Name and Last Name
• Ownership %
• Social Security Number
• Address
• Citizenship
• Ethnicity (Hispanic Latino or Not Hispanic Latino)

1099 Independent Contractors and Sole Proprietors will be required to provide all documentation to support their average monthly net earnings. 

The following information will be required to confirm the calculation:

If you were in business Before December 31, 2019:

Provide a detailed schedule of earnings for 2019, or other records that support your request.  For seasonal businesses, the Applicant may elect to instead use average monthly earnings for the time period between March 1, 2019 and June 30, 2019.  Earnings are limited to $100,000.

If you were not in business before December 31, 2019:

We are still waiting for additional guidance from the SBA on what detailed information is needed.

If you are a partner in a partnership, you may not submit a separate PPP loan application for yourself as a self-employed individual.

The following information will be required documentation to confirm the calculation:

• 2019 IRS 1040 Personal Tax Return
• 2019 IRS 1040 Schedule C
• Net earnings are capped at $100,000 on an annualized basis
• If you have not filed your 2019 Personal Tax Return you must still prepare and provide your 2019 Schedule C
• 1099 Payroll (IRS Form 1096)
• IRS Form 1099 MISC, if applicable
• A 2020 invoice, bank statement, or book of record to establish you were in operation on or around February 15, 2020.
• Regardless of whether you have filed a 2019 tax return with the IRS, you must provide the 2019 Form 1040 Schedule C with your PPP loan application to substantiate the applied-for PPP loan amount and a 2019 IRS Form 1099-MISC detailing non-employee compensation received (box 7), invoice, bank statement, or book of record that establishes you are self-employed.
• If you have employees, you must also provide IRS Form 941s (or other tax forms or equivalent payroll processor records containing similar information) and state quarterly wage unemployment insurance tax reporting forms from each quarter in 2019 or equivalent payroll processor records, along with evidence of any retirement and health insurance contributions, if applicable. Also, a payroll statement or similar documentation from the pay period that covered February 15, 2020 must be provided to establish you were in operation on February 15, 2020.

You must disclose funds received in the form of an EIDL (Economic Injury Disaster Loan) since January 31, 2020

• Copy of note
• Amount to refinance used as payroll

For Informational purposes, the Paycheck Protection Program evaluates Payroll/Earnings in the following manner:

Earnings includes:

For an independent contractor or sole proprietor, wage, commissions, income, or net earnings from self-employment or similar compensation.

Earnings DOES NOT include:

Any compensation of an individual whose principal place of residence is outside of the United States;

The compensation of an individual in excess of an annual salary of $100,000, prorated as necessary;