thread Re: Paycheck Protection Program - Profit and Loss Statement for Sole Proprietorship in Archived Discussions (Read Only)

Paycheck Protection Program - Profit and Loss Statement for Sole Proprietorship

dmmw — Thu, 09 Apr 2020 00:16:33 GMT

I'm just curious if the Profit and Loss Statement that will be required for loan approval under the PPP is an annual statement or monthly statements. I haven't done my 2019 taxes yet, so don't have a 1040 Schedule C Form. Any help with this would be greatly appreciated as I'm trying to prepare for applying for this loan as soon as it's available for sole proprietorship businesses.

Re: Paycheck Protection Program - Profit and Loss Statement for Sole Proprietorship

mattd — Thu, 09 Apr 2020 01:13:09 GMT

Hi @dmmw,

The SBA lender will likely be looking for a trailing twelve-month profit and loss statement (past 12 consecutive months). This document is not part of the initial application, which sole proprietorships can already file. It is independent contractors and self-employed individuals that begin on April 10. I do always recommend speaking directly to your SBA lender loan officer if you can.