#Womply ppp fastlane how to#
#Womply ppp fastlane update#
#Womply ppp fastlane free#

This is especially true if you're applying for a second draw Paycheck Protection loan. You need to know what you're going to be reporting for your taxes, especially your Schedule C. It's a good practice to get 2019 transactions entered into your program as well.īy the way: this will make taxes much easier. Whatever you use, get a program, enter all of your transactions. You can start at $7.50 per month with my affiliate link. I think there's a lot of limitations for the cost but that's just my opinion. Accountants and tax pros are more familiar with the program. Quickbooks Self Employed is a bit more widely known.

#Womply ppp fastlane free#

There's a free version that will do the basics for you, and a paid version ($48 per year with my affiliate link) that has more advanced reports and automatic mileage tracking. I actually like it better than Quickbooks Self Employed because it's got a lot more flexibility. It's easy to use and set up for self employed people. I would strongly encourage you to get a bookkeeping program if you don't have one already. What's your average monthly profit? What are your quarterly gross receipts? What about your quarterly profits? Are your records in such a format that you can put together a Profit and Loss statement? Can you get quarterly reports? The qualifications are tighter and involve knowing your quarterly financial numbers for your business. This is especially true if you're applying for a second draw loan. If you don't have bookkeeping, now's the time to start. The application is pretty quick if you have your financial information together. If you've been involved in fraud or embezzlement, or facing imprisonment for a felony, that could get in the way.īench Accounting has a good article that goes into more detail on who is or isn't eligible. In other words, it's now based on gross revenue, not profit.īankruptcy and some criminal convictions may prevent you from receiving funding. These new PPP rules help gig economy workers by making more contractors eligible and changing the basis from Line 31 on Schedule C to Line 7. Update: The SBA announced new rules that change how PPP funding is calculated. For those who drove so many miles that it comes out as zero income for taxes, it also means zero profit and zero PPP funding.

#Womply ppp fastlane update#

If you didn't file or you didn't make enough money to show a profit on Line 31 of your Schedule C ( edit: this has changed – see the update below), you won't receive anything. In other words it's based on your Schedule C. Understand that what you receive is based on your taxable income. The Paycheck Protection Program was designed to help existing businesses that were hurt by this pandemic. If you started your gig work after February 15, you won't be able to take advantage of this program. There are some common things that might disqualify you. Your profits for your business are considered your ‘payroll.' Don't be scared away by myths. Independent contractor for gig economy companies ARE eligible. The biggest myth? That you have to have people on payroll to qualify for the Paycheck Protection Program. But also understand the things that could disqualify you.

Here are some step by step tips to help you with your application.

#Womply ppp fastlane how to#

If you know how to apply and you treat this like a business application, you have a much higher probability of getting funds through the Paycheck Protection Program (PPP) as an independent contractor. For the most part, most contractors just didn't do it right. Were they being discriminated against? Are independent contractors for gigs like Doordash, Uber Eats, Instacart, Grubhub, Lyft, Postmates and all those others really not supposed to receive funding? I've seen numbers reporting less than five percent of independent contractors were getting funds through the Paycheck Protection Program. Don't be one of the vast majority of gig workers who fail to get funded through the PPP because they didn't do things right.