Hacking Your SBA Loan

Can you hack your way into a loan?

I’ve been reading from many independent contractors and sole proprietors that they’ve received $1000 from the SBA loan program. But more haven’t.

I’ve done some research and it seems like those who operate solo, but still put “1” as the number of employees, counting themselves at the employee, appear to have qualified and received $1000, as it’s $1000 per employee.

Is this ethical? I would say no and the legal loophole might apply if you’re an LLC or S corp. But how will the government react once they realize they’ve been had by some? I think it will fall apart when it comes down to taxes, especially those who may get audited, and this will reveal to be a larger problem not worth taking the $1000.

Always yield on the side of ethical. Just my motto.