Small business disaster loan
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Small business disaster loan

I am a very small business owner (vintage clothing second hand shop) I am the only employee. Because of this current situation, I was wondering if I will qualify for a small business loan like other businesses? All of the information I could find only specifically mentions small businesses with employees. This is my only source of income and I've been pretty successful until now. I really would appreciate any information anyone can provide. Thank you

2 Replies
Employee Tax Expert

Small business disaster loan

We handle tax return, not small business loans. 

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Level 15

Small business disaster loan

We handle taxes here. Can't help with loan information. Go to https://www.sba.gov/ and click the COVID-19 Loan Information link and go from there. Meanwhile, something in your post stuck out to me like a sore thumb.

I am a very small business owner (vintage clothing second hand shop) I am the only employee.

If your business is a sole proprietorship or single member LLC, then you can not be an employee of that type of business. You own it. Under no circumstances and with no exceptions will you ever issue yourself a W-2, 1099-MISC or any other type of tax reporting document. Not ever.

The IRS considers a sole proprietorship or single member LLC to be a disregarded entity. Therefore, all business income and expenses is reported on SCH C as a physical part of your 1040 tax return. 

 

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