Traditional lenders haven’t updated Paycheck Protection Program (PPP) applications to include independent contractors yet; still no application for Pandemic Unemployment Assistance (PUA)

Pursuant to SBA’s previous announcements, lenders were allowed to begin processing loan applications on April 10, 2020, for independent contractors and the self-employed. However, many major lenders are currently only assisting independent contractors who already have a business checking account with them. If you only have a personal checking account, these lenders will still not accept your PPP application. However, there are some PPP lenders, such as community banks, that are willing to take new customers. If you need assistance finding a PPP lender, SBA has created a “Lender Match” tool that allows you to search for lenders based on your Zip Code: https://www.sba.gov/paycheckprotection/find. As of April 8, Wells Fargo began taking PPP loan applications again.

Additionally, the California Employment Development Department (EDD) has not yet put the application process in place for independent contractors to apply for Pandemic Unemployment Assistance (PUA). We will update you with more information as soon as we receive guidance from the EDD.

​https://www.carcovidupdates.org/

Information provided by C.A.R. California Association of Realtors 4/13/2020