We know that this is confusing, if you have questions reach out by texting ‪(617) 398-0544 or emailing us at fingig@outlook.com.

What is PPP?


The Paycheck Protection Program is a loan designed to help small businesses in the US to keep their workers on the payroll. Generally, for gig workers and sole proprietors, the loan is forgivable if the amount is spent on rent, payroll, utilities, and mortgage (subject to certain specific parameters).


Am I eligible to apply for PPP?


The US government is providing substantial aid to support gig workers during the pandemic. If you fit one of the following categories, you are likely eligible for a PPP loan:


- Sole proprietors who report income and pay taxes on a Schedule C on your personal tax return

- Independent contractors (including if you collect Form 1099-MISC)

- Gig workers who work with Uber, Lyft, Doordsh, Instacart, etc.


Your business must have been operational as of February 15, 2020 to apply for the loan.


Am I eligible for both PPP and Unemployment benefits at the same time?


You cannot apply for both Unemployment Benefits and a PPP loan at the same time. You should use this calculator to find out the value of your unemployment benefits (you should add up to an additional $600 per week federal unemployment booster to the benefits provided by the state through July 31, 2020). You can compare this value with your PPA loan eligibility value to decide which program works best for you. More on how to calculate eligible PPP loan amounts in the subsequent questions.


How do I apply for a PPP loan?


Before we get started, we want to clarify that this is not a traditional loan that one has to pay back. If you satisfy certain criteria you won’t have to pay this loan back and as a gig worker these criteria are relatively easy to meet. You can apply through any existing SBA approved lenders or through any federally insured depository institution. Our approved and preferred SBA lenders are Kabbage and Square.


Before applying, check your PPA loan eligibility amount here via our step-by-step guide.


We recommend that if you have an existing relationship with a lender, you should apply through them. Also, if you have some special requirements or haven’t submitted tax returns for 2019, you should go through a community bank or any offline lender that has a banking relationship with you.

What documents will I need to apply for a PPP loan?

Color copy of government-issued ID (front and back)

  • Color copy of government issued ID (front and back)

  • 2019 1040 Schedule C

  • Substantiation of self employment

  • 2020 invoice, bank statement or book of record to establish you were operating effective


I haven’t filed my 2019 tax return yet, can I still apply?


First off, you need your Form 1099-MISC for your 2019 tax year. To apply for a PPP loan you will need to fill out your 2019 Form 1040, Schedule C for the 2019 tax year. You will need this Schedule C filled out to file for PPP even if it has not yet been submitted to the IRS. Note that the IRS filing deadline for individuals has been pushed back to July 2020. Your personal accountant or CPA can assist you in this area to ensure that your personal filings are up to date.

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