For EIDL, you will qualify for a 1,000 cash grant for every employee ( yourself included ), up to $10,000. In addition to the cash grant the SBA will determine a loan amount based on your 2019 financials. It is estimated that they provide approximately 6 months of revenue minus COGS. For PPP, you will qualify for 2.5X your average monthly payroll, owner salaries included, up to $100,000 per employee.
To calculate your PPP loan amount if you are an independent contractor:
Step 1: Find line 31 on your 2019 IRS Form 1040 Schedule C (If you haven’t filed yet for 2019, go ahead and fill it out). If the amount on Line 31 is over $100,000, write $100,000.
Step 2: Divide the amount from Step 1 by 12
Step 3: Multiply the amount from Step 2 by 2.5 For most independent contractors, this will be your maximum PPP loan amount.