[U.S. specific] PPP: free money for self-employed & orgs (time-sensitive)

By Steven Byrnes @ 2021-01-09T19:39 (+14)

PPP is the "paycheck protection program", a big US government giveaway to businesses including self-employed people (e.g. many grant recipients) and nonprofits. There was a PPP round last year—see this EA Forum post. There's another round of PPP starting imminently, like maybe this week. As a self-employed person, you can get a check for the equivalent of 2.5 months of net income—this is serious stuff, well worth the time to look into. If you looked into it last year and chose not to apply, consider looking again—there's a lot more information now than there was last year, including clarification on who is eligible and how it works.

For my part, I have a family member who is planning to apply for the first time. She skipped the last round because she was better off claiming unemployment at the time. Therefore the info below assumes that you did not already get a PPP check last year, since that's the case I looked into. But if you did already get a PPP check last year, you may still be eligible to re-apply and get even more free money this round. Please comment if you know more details about that.

I'm not an expert, this is just from a bit of online research. Here are some highlights that I found surprising or important:

Please correct any errors, I'm not an expert. In fact, I'm deliberately putting all these claims up without any sources, so that y'all are forced to independently check for yourselves. :-)