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I'm a sole proprietor it's just me no employees and I applied for PPP loan and they say they need more information and they have a list of payroll forms they want like 940 or 941 or 944 and I don't have any of those so does that mean I can't apply or what could I send in its place? When I did the application yesterday I just sent a copy of my earnings for last year. Has anyone else run into this?
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Hey @Namastereiki @Tachery @Wirey03 👋Thanks for the question! If you are a non-employer and were asked for payroll documents pertaining to businesses with employees (940, 941, 944, etc.), you can submit your 2019 Form 1040, Schedule C instead (please include all the pages) and we can continue the review process for your PPP application. For more info, you can visit our PPP FAQ. We recommend sending this information in as soon as possible because we expect the SBA funding to be distributed quickly.
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Many business owners are not on their own payroll. Instead they get compensated via distributions and/or guaranteed payments. The Square PPP application does not allow a place to enter non-W2 compensation for business owners. Other applications do.
I suspect this will prevent many businesses owners from using Square's PPP application. Which is a real bummer.
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I did not even get to apply, why?
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I'm not sure what post you're referring to since this is a separate thread, but assuming it's related to the PPP loan, I advise reaching out to our Capital Team to get the help you need. @RobertALudeman
Same for you @square_marc, our Capital Team is on stand by to answer any questions/issues realted to the PPP loan and the application process.
Call here: squ.re/contact
Community Moderator, Square
Sign in and click Mark as Best Answer if my reply answers your question.
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Is this not the Square Capital board? It seemed like the right place to have this discussion?
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So if you are a sole proprietor and you are not on payroll they wont help??
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I'm a sole proprietor and I got an email about an hour ago that Square approved me and once the SBA approves it then I should get the money in a business day or so. I'm pretty sure the only thiny I sent in was the 1040 form i file for taxes and my Drivers license. I never get approved for anything so keep the faith yall!
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So I have seen where some people are saying they have the option of uploading their Schedule C (1040) and others do not. Can someone let me know how and where you are uploading the Schedule C?
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I think it was the last page it asked for my 1040 and my drivers license. I think it said if they needed anything more they would contact me. I applied through another lender a few weeks ago qne needed all my bank statements for last 6 months plus a tax form i had never filed before. They contacted me asking for it but i told them I only had a 1040 and never heard anything again. I've been with Square since 2012 and they help us so much. Squares application was so simplified compared to the other one. The FAQ they have for the PPP is awesome.
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Caitlyn, do you happen to have more hat one account and pay yourself a "paycheck" from one account to another? or just take a draw when you need it? I'm getting conflicting info on the forgiveness of that part of the loan if paying our selves as sole proprietors. I'm curious about what you are finding? I'm a few steps behind you in the process. thanks for any info!
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@solano Since 2012 when I started I have only had one checking account. All of my earnings go into it so I just pull as I need. Im a single mom and work in a small town. I wish I made enough to have a business account with a set salary though! I was approved for $1200 so I'm wondering how I will prove what they need. I think I'll give the shop owner 25% of it to show business cost.
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Hey how you doing where did you get your 1040 form??
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@Caitlynfreeman8 I would advise you to go through your local bank. I did the same thing you did, I’m a sole proprietor and I applied. I wasn’t getting the full amount as described in the calculation. I then contacted my local bank and they applied foe me, I then received the full amount the following day after application. I strongly urge you to check into applying through your local bank. Through square I was going to receive $800 less. 😡
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I do not use a payroll provide so does that automatically disqualifies me?
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I don't have a payroll provider either and it's asking me to send all these forms that have nothing to do with me being sold proprietor and the only employee. So does that mean I don't get the PPP loan? It says it's supposed to be for sole proprietor and self-employed.
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Nothing i find online speaks specifically about this matter. I may just upload what i use and hope for the best
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@Namastereiki I would advise you to go through your local bank. I did the same thing you did, I’m a sole proprietor and I applied. I wasn’t getting the full amount as described in the calculation. I then contacted my local bank and they applied for me, I then received the full amount the following day after application. I strongly urge you to check into applying through your local bank. Through square I was going to receive $800 less. 😡
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I've already gotten my loan offer it's already been approved by SBA so not much I can do about that now
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I’m curious to know as well, because I don’t use one either!
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Hey @square_marc and others!
Please take a look at the best answer in this thread for some further insight into your question.
Seller Community & Super Seller Program Manager | Square, Inc.
Learn about the Super Seller program!
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I just received an email asking for additional information such as Form 941 and 940 etc. But I'm self employed with a Schedule C? This allows me to apply for the PPP, but it wouldn't let me pass the application process previously without attaching a form. So I attached my forms as Schedule C forms. Not sure why they keep asking it when their FAQ states that Self Employed or Independent Contractors who has only themselves as an employee should submit their 2019 Schedule C?
Anyone from Square that can provide some clarification?
@squarecapital @Square
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