Are you a Sole Proprietor, Independent Contractor or a 1099 Gig worker trying to apply for a PPP Loan without a business checking account?
UPDATE on 4/23/2020 – I received all PPP loans that I applied for. I also received $1k for the EIDL. I’m super happy that Paypal came through and fast.
UPDATE on 4/15/2020 – Paypal sent me a document to sign. I signed it and now my PPP Loan has been sent to underwriting for review. It showed the amount of my loan.
Me too. However, I was able to apply today. Watch this video below:
I bank with Bank of America, one of the first banks that started accepting applications for the Payment Protection Program. I was told to wait until April 10th, 2020, that was the date when Sole Proprietors, Independent Contractors and 1099 gig workers were allowed to apply with our own bank, so I waited.
On April 10, 2020, I logged into my account, I clicked on to the PPP application and was provided with the following screen telling me that I didn’t have a business checking account on February 15, 2020. You too?
Ironically, on April 10, 2020, taxes from my small business were able to be paid using my personal checking account. I still don’t understand why Bank of America is doing this its customers.
I’m super grateful for SBA for approving more lenders. Because of that move, I found that companies like Paypal and Square were approved as lenders for the Paycheck Protection Program. Thank you SBA.
Where To Apply for PPP Loan
I applied at Paypal, which is called LoanBuilder. Link to their site is: https://www.loanbuilder.com/ppp-loan-application
To apply, I created an online account with them, and was guided through the application.
They asked for supporting documents to prove that I made money in 2019 so I simply submitted a schedule C document from my 1040 that I recently filed with the IRS. It shows that I’m a sole proprietor, the name of my business, my Social Security number and the gross income for 2019.
They also asked for a business license and a drivers license. The portal is easy to navigate and straightforward and in checklist format.
Once you’ve uploaded all supporting documents that they ask for, you simply hit submit and it is sent for review. I’m in a waiting period like so many others but that’s okay, at least I was able to apply for a PPP loan.
I hope this information is helpful is you’re a Sole Proprietor like myself. Special thanks to SBA for all their hard work getting new lenders approved daily for small business owners like me.
I’ve spent hours reading, watching briefings and waiting my turn to apply only to be turned away by Bank of America. If you’re able to apply by me sharing my story, let me know in the comments. No need to thank me, however, if you’d like to gift me a cup a coffee, feel free to leave a small tip at: Venmo @Fabian-Ramirez-36 or via Paypal debtfreehispanic@gmail.com.
Disclaimer: I’m not guaranteeing you’ll get approved by any lender nor am I promoting a certain lender over another. I’m simply sharing how I was able to apply through Paypal by being shut down by Bank of America. I believe Square was also approved to be a lender as well.
Also, this goes without saying, I don’t recommend that you go into debt. If you receive a PPP Loan, please be smart about how you use the funds. Only use the funds for what they are intended for so that the loan can be 100% forgivable.