Economic Development Collaborative (EDC) — Paycheck Protection Program application for Sole Proprietors deadline is March 31

by Community Contributor • February 1, 2021 • Comments Off

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PAYCHECK PROTECTION PROGRAM FOR SOLE PROPRIETORS

Self-employed, business owners with no employees, contractors, free lancers, gig economy workers and sole proprietors-

Did you know you are eligible for PPP?

Sole proprietors qualify for the Paycheck Protection Program under the concept of “owner compensation replacement.” Even if you do not have employees or do not make a payroll, you may be eligible to apply for this economic relief loan. Common examples of sole proprietors include, but are not limited to, owners or operators of in-home daycare facilities, web designers, consultants and artisan chefs.

Sole proprietors eligible include:

Business owners of a single member LLC with no employees
Freelancers
Independent Contractors
Gig Economy Workers
Self-Employed Workers
Single-person companies with no employees

Get Started Today!

1. Deadline: March 31, 2021

All participating lenders are now accepting first and second draw applications for PPP! Loans are available through March 31, 2021 or until all allocated funds are exhausted.

2. Review our EDC Guide to PPP for Sole Proprietors

This guide breaks down how sole proprietors calculate their PPP loan, how much of the loan can be fully forgiven and how to process forgiveness with the loan lender. CLICK HERE

3. Apply Through a Lender Processing 7(a) Loans

Communicate with your current lender to determine if they are offering PPP loans during round 2.
If your lender is not accepting applications, Montecito Bank & Trust is currently accepting applications from businesses based in Santa Barbara or Ventura counties for both First and Second Draw loans. As the largest community bank on the Central Coast with assets over $1.9 billion, MB&T is proud to participate and secure as much funding for Central Coast businesses as possible through this most recent stimulus package. Visit MB&T’s website for more information CLICK HERE

4. Connect with an EDC SBDC Financial Advisor

EDC SBDC Financial Advisors are available to answer questions and help you navigate today’s complex financial questions. The Economic Development Collaborative hosts the Small Business Development Center and is funded in part through a cooperative agreement with the U.S. Small Business Administration. Signing up as a client takes just a few minutes and provides you lifetime access to all of our no-cost services. Get started today with our no-cost consulting by calling 805.409.9159 (ENGLISH) or 805.309.5874 (SPANISH).

Visit our resource page for list of current COVID-19 related assistance available. CLICK HERE