SCHEDULE C (Form 1040 or 1040-SR) Department of the Treasury Internal Revenue Service (99) Profit or Loss From Business (Sole Proprietorship) Go to www.irs.gov/ScheduleC for instructions and the latest information. Sequence No. Attach to Form 1040, 1040-SR, 1040-NR, or 1041; partnerships generally must file Form 1065. OMB No. 1545-0074. 2019
Chase denied my loan outright and most other banks aren’t willing to work with anyone who doesn’t have a 2019 schedule c to file with. Because that was a rule pertaining to business who where in business in 2019 and hadn’t filed there 2019 taxes yet (taxes were due in June with COVID extension). Atleast that was my understanding.
When to apply for PPP forgiveness for Schedule C business owners?
Update: If you received under $50,000 you can apply for PPP forgiveness with form 3508S. Download it here! If you operate as a partnership, S-Corp, C-Corp, or another business format, you are NOT a schedule C business but you are still eligible for PPP forgiveness too! When Did You Apply for PPP?
When you first applied for your PPP loan you likely submitted your 2019 schedule C tax return and payroll records (if you have W-2 employees), to your bank in order to calculate how big of a PPP loan you would qualify for, right?
In general, your check is a payment on the date it is written. Because you are dealing with yourself, you should ensure that the check is cashed soon after it is written. Also, we don’t see any wisdom (in fact, just the opposite) in writing the check within the 24 weeks and then cashing it outside the 24 weeks.