We're In This Together / Government Assistance / Paycheck Protection Program (PPP) Application FAQs

As of June 2nd, 2020, there were still $120 billion remaining for PPP loans. Some banks are still accepting applications.

Call your bank and/or check your bank's website and online portal to verify whether they are accepting applications at this time.

Check with smaller banks and credit unions in your area. There are also online brokers, like Quickbooks, Paypal, and kabbage.com, that people have used successfully to apply

Yes, absolutely! This is the question we have received most often. To qualify, you have had to show a profit in 2019 and be able to upload as part of the application process a copy of your 2019 Schedule C or a profit and loss statement to your bank. We recommend that if you qualify, you should apply as soon as possible.

Include the following items in your calculation –

  • The amount from line 31 of your 2019 Schedule C (or the net income from a 2019 profit and loss statement if you have not yet filed your 2019 taxes)
  • The total payroll reported to the IRS in 2019 for any employees you paid out of your business
  • State and local employer taxes you paid on any employee payroll (i.e., state unemployment taxes)
  • Health insurance you paid for your employees in 2019
  • Retirement contributions made in2019 for your employees


Add these amounts together, divide by 12 to calculate your average monthly "payroll", and multiply by 2.5.

  • Any payroll to employees (or net income from your business) over $100,000 in 2019
  • Any social security taxes you paid as an employer
  • Any self-employment tax you paid on your net income
  • Payments you made to an independent contractor (someone to whom you gave a 1099 for 2019)
  • Compensation of any employee whose principal place of residence is outside of the United States

No. Any money you withdrew from your S-Corporation during 2019 that did not go through salary is not eligible to be used in the calculation of your PPP loan amount.

It is not considered taxable income, even if it is forgiven. However, any expenses you use towards forgiveness will not be deductible on your 2020 business tax return.

Yes. We recommend that you apply for unemployment and the PPP as soon as possible. It's not clear how long it will take to be approved for and receive either one.  

If you are approved for both, decide which will be more financially beneficial to you. Once you know this, these are your options:

  1. You can turn down the one that is less beneficial if you haven't received it yet.
  2. You can receive unemployment until you receive the PPP funds, then "hire yourself back" and stop receiving unemployment. Unemployment should be retroactive, so it could be something you receive for a while before your PPP funding comes through.
  3. If you receive both, and unemployment is more financially beneficial over the long term, you could pay back the PPP funds immediately.