Stimulus funds available for sole proprietor property rental business
My son has business , owning approx 45 rental properties, mainly section 8 category. He employs tradesmen (plumbers; electricians; carpenters; etc.) to both maintain and rehab addtl homes purchased. So far he was only able to get $1000 for himself as employee. Is there any other relief he can qualify for to cover expenses of contract labor and bldg maintainence on properties owned?
Terry Says
There is still money left in the PPP program — at Wintrust, especially. He should contact one of their offices. BUT these employees must be on the “payroll” — not independent contractors. And he has to use the money to keep paying them. If they have claimed unemployment they may not want to get their old salary back, as for now they may be getting more $$ on unemployment. It’s tricky, so he should consider all the alternatives.
