Treasury Releases Small-Business Loan Guidance for Independent Contractors
April 15, 2020 by Melanie Waddell
The Treasury Department on Tuesday released guidance on how lenders can process independent contractors and gig economy workers for Paycheck Protection Program (PPP) — providing a much-needed path to loans for these groups.
Sen. Marco Rubio, R-Fla., tweeted that the just-released 19-page guidance “answers virtually ALL of the big remaining questions we had from lenders.”
As of close of business on Monday, 4,662 lenders have approved $242 billion in PPP loans for more than 1 million businesses, Rubio tweeted.
Leon LaBrecque, chief growth officer at Sequoia Financial Group in Troy, Michigan, said the guidance “is helpful on the issue of Schedule C filers. Now sole proprietors, independent contractors and gig workers can clearly have a path getting a much-needed PPP.”
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