The Payroll Protection Program (PPP) has typically been thought of a COVID-relief program for small businesses. But thanks to some recent changes in how PPP loan amounts are calculated and clarification on who is eligible for them, many others including individual artists, musicians, gig workers, and those who work for themselves suddenly have access to billions of dollars of unused PPP funds if they meet certain guidelines. And fortunately for those who have not yet applied for a PPP loan, the application deadline was recently extended to May 31st so there is still time to apply for this potentially forgivable loan. If you work for yourself and have Schedule C income, you are likely eligible.
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How Artists, Musicians, and Gig Workers Can…
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The Payroll Protection Program (PPP) has typically been thought of a COVID-relief program for small businesses. But thanks to some recent changes in how PPP loan amounts are calculated and clarification on who is eligible for them, many others including individual artists, musicians, gig workers, and those who work for themselves suddenly have access to billions of dollars of unused PPP funds if they meet certain guidelines. And fortunately for those who have not yet applied for a PPP loan, the application deadline was recently extended to May 31st so there is still time to apply for this potentially forgivable loan. If you work for yourself and have Schedule C income, you are likely eligible.