PPP Loan Application Question (US hosts)

[Stephen805]

Hello. Last week, I connected with an SBA lender here in Pennsylvania, and completed their application for the SBA’s “PPP (Payroll Protection Program)” loan program, with the understanding that this lender would be submitting my application to the SBA today (04/10/20).

This morning, however, the lender called me to let me know that their attorneys are telling them that my “vacation rental” business (which has been my sole source of income for nearly 5 years) does not qualify for the PPP program, and they will not be submitting my application to the SBA. I tried to get specifics as to why, but the gentleman at the bank was not able to provide any other information. He then named a couple of other banks that I could try.

Airbnb claims that US hosts “may be eligible for” this program, here:

https://www.airbnb.com/resources/hosting-homes/a/federal-covid-19-economic-relief-resources-for-us-h...

I am wondering if there are any US hosts out there that might know anything specific about this topic, or have had any luck with this program, good or bad.

Thank you.

[Ray-And-Lisa0]

I've signed documents for a PPP Loan, but i have not submitted 2019 taxes yet and gave them the airbnb summary of income versus a 1099. I  didn't meet Airbnb's 200 reservation minimum to receive a 1099. For starters, Airbnb needs to provide us with 1099's, even retroactively. That would probably help.

My bank is unsure of SBA's requirements after a loan is funded, such as a Schedule C. My tax person insists that Airbnb income should be on a Schedule E. It's all messed up. My primary  income was Airbnb - it was not some passive income from a rental that i just collected the monies from,  as in a secondary home rental. You all are aware of how much work, supplies, utilities, etc. goes into having people coming into your home for 300+ days per year. 

I'm baffled why Airbnb didn't lobby for Schedule E to be acceptable with the US Dept of Treasury for the PPP loan.  This is  really going to hurt us that use Airbnb out of our homes as our primary income.  It's not like we were getting rich off of it, but it was helping us keep our mortgage payments on time. 

[Tim670]

@Ray-And-Lisa0 I've been denied by three different banks for a PPP. All of them say I need a schedule C. I filed a schedule E. Looks like PPP is not an option for normal AirBnB hosts.

[Chris1931]

try womply 

https://r.womply.com/rxq8. 

it says schedule C or F?

[Chris1931]

https://r.womply.com/rxq8

[Chris1931]

Above is an easy way to apply- had to show as income on schedule C of your tax return