Here is some clarity for frustrated sole proprietors across America.
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There has been a tremendous amount of frustration by small business owners operating as sole proprietors and trying to obtain a Paycheck Protection Program (PPP) loan. To make matters worse, many bankers and loan officers have been overwhelmed by the number of applications, the speed of the stimulus roll out and sporadic SBA guidance regarding protocol for sole proprietors.
Then there is the historic, perpetual confusion shared by many of the self-employed regarding the difference between independent contractors and employees. Regrettably, all of these factors converged simultaneously over the past month, making it very difficult for small-business owners to apply properly for the PPP — and many have simply given up trying to apply.
My hope is to provide some clarity for sole proprietors across America desperately trying to obtain a PPP loan before the money runs out. Let’s start by getting a few facts out on the table before proceeding.
Original article here.