ALSO COVERED:
May be forgiven vs. Will be forgiven
Is the interest forgivable?
What is the interest rate?
The federal government has created the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Eligible business and individuals can borrow 2.5 x prior average payroll (up to $10 million) with no loan payments due for six months. If you maintain your workforce, the SBA will forgive 8 weeks of payroll plus certain other expenses
ALSO COVERED:
Eligibility and amounts available
How to get Loan Forgiveness
Applying for the loan and an advance
Once you begin earning income as a self-employed individual, you effectively become a business, and businesses are eligible to deduct health insurance premiums for their employees (you) as an above . . . .
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