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As part of the national effort to combat the devastating economic effects of the COVID-19 pandemic the CARES Act was signed into law on March 26 2020. The Act authorized the creation of the 349 billion Paycheck Protection Program PPP a loan program meant to provide loans to businesses impacted by the pandemic.
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Sadly this program was beset with.
. Unless you have W-2 employees in which case you may qualify based on payroll. For PPP if you file Schedule C you must have a positive number on line 7 or line 31 for either 2019 or 2020 to qualify.
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