![]() ![]() If you have employees, add their payroll amount from Schedule C, line 26 to your annual profit. So, if line 31 was $48,000, divide this by twelve to get your average monthly profit of $4,000. ![]() Divide this by twelve to get your average monthly profit. Your annual profit is your Schedule C, line 31. If you haven’t filed your 2020 taxes yet, fill out your 2020 Schedule C. ![]() If you don’t, enter your own name.īusiness Address: Enter the address where you care for children.īusiness TIN: Enter your Employer Identification Number (EIN), or your Social Security number if you don’t have an EIN.Īverage Monthly Payroll: You have a choice to either use your 2019 or 2020 average monthly payroll. Year of Establishment: Enter the year you started caring for children.īusiness Legal Name: If you have one, enter it here. If you are established as a different entity, check the appropriate box.ĭBA or Tradename: A DBA (Doing Business As) is a name you would get if you have registered your business name with your secretary of state’s office. To apply for the PPP money, contact your local bank or apply online using one of a number of online companies: PayPal, OnDeck, Kabbage, Biz2Credit, Intuit.īelow are my instructions on how to fill out the PPP Second Draw application form, called “Second Draw Borrower Application Form” at the top SBA Form 2483-SD at the bottom left.Ĭheck One: Check “Self-Employed Individual” if you are not incorporated. Here is the loan application and instructions for the Second Draw. Here is a copy of the power point slides. Although you are not required to fill out this section before applying, I urge you to do so because you will have to show documentation of your numbers before you will be able to receive forgiveness. Note: In the video I explain how to fill out the section in the application form dealing with the 25% reduction in your gross income. Here’s an instructional video to help you. In addition, you must have been in business by Februto be eligible for the First or Second Draw. Instead, you are eligible for the Second Draw as long as you have spent the full amount of your 2020 PPP loan by the time you receive the Second Draw funds. If you did receive a PPP loan in 2020, you are not eligible for the First Draw (with the above exception). You are also eligible for the First Draw if you got money from the PPP in 2020 but did not receive forgiveness by Decemand returned some or all of this money, or didn’t accept the full amount you were eligible for. You are eligible for the First Draw if you did not receive a PPP loan in 2020. In general, if you received a PPP forgivable loan in 2020, you are eligible for the Second Draw, not the First Draw. There is some confusion about whether you can apply for the First Draw or the Second Draw. The SBA offers two forgivable loan programs under the Paycheck Protection Program (PPP): the First Draw and the Second Draw. ![]()
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