Dan Biewener writes on the Fundbox blog:
If you are self-employed — as a sole proprietor or independent contractor with no employees — you may still be able to apply for a Paycheck Protection Program (PPP) loan until August 8, 2020. Don’t let the “paycheck” in the name fool you into thinking you wouldn’t qualify for this forgivable loan. In fact, since you don’t have staff headcount, payroll, and benefits to calculate, your application process (for the loan and later for forgiveness) should be much simpler.
In essence, even as a sole proprietor, the PPP loan can provide you with funds equivalent to 2.5 months of net earnings you would have made — if it weren’t for the coronavirus/COVID-19 pandemic — based on a comparative period from 2019 (or the first 2.5 months of 2020 if your business began this year).
You can also use a portion of this loan to cover some operational expenses for your business (like business-related rent, utilities, or interest payments on a mortgage or other business loans). However, if you want to qualify for loan forgiveness, these operational expenses can only account for up to 40% of your total loan amount.Self-Employed? Here’s How You Can Apply for a PPP Loan Too. | Fundbox Blog
Going through the detailed list in the post, it actually doesn’t look terribly painful to apply for. And worst case: it’s a cheap (1%) five year or ten year term loan (if you end up not qualifying for 100% forgiveness). Well, actually worst case is that you really need it and don’t get approved, but the point remains …
I haven’t done this, so I can’t give a firsthand perspective. I suspect a few folks, however, may find this information useful. There’s no shame in applying if you need it. And if you need it you need it.