There are a lot of government financial assistance programs available during Covid-19. Which ones can you take advantage of as an Uber driver, and is it ok to ‘double dip’ in more than one program?
It’s a question that has been asked a few times now over the past few weeks and I’ve been hearing mixed results, so I went to an expert. On a recent live stream, I spoke with Logan Allec, a CPA who is very familiar with rideshare issues. Below is a video of our conversation, and a transcript for those who prefer to read.
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Harry Campbell: I guess my question is: Can you get a PPP loan and unemployment insurance? Because at first there was no unemployment, right? Drivers and the independent contractor crew were waiting for these PUA websites to get set up. installment/signature loans in my area And then there’s all this buzz around the PPP loans. A lot of people are starting to get unemployment or PUA and now they’re getting their PPP loans back and saying they were either approved and they’re wondering what they should do. What have you seen there? Is there like specific guidance from the IRS or anything like that?
“Don’t Double Dip” on PUA and PPP
Logan Allec: I say you should be safe. Collect PUA you know, but then once you get that PPP money, that PPP money is supposed to be used for payroll and part of that would be to pay yourself. I think a conservative position would be, don’t really double dip there. When you’re going to do your unemployment reporting for your business, they’re gonna see that kind of disconnect.
Of course I’m speaking from like a business owner’s perspective that actually has to do that quarterly reporting. You have to submit it to your state and they’re going to notice that you have all this, you got the payroll from the PPP funds, but then you were also collecting PUA.
