Richard,
Our
agency does see this type of request on occassion. Usually we serve
families that have been at their job for six months, but in the case of
self-employment, wage history is harder to appraise. One way to evaluate
wages is to review tax forms for the previous year (on 1040, I think this is
summarized on schedule C, business expense, profit and loss). If there is
no tax information or reporting accountability, it is difficult to truly
understand the earning potential. We sometime look at business logs over a
period of time, assuming such can be produced on request.
Blaine
Kirkpatrick
CEAP
-----Original Message-----
From: Ruiz, Richard [mailto:[EMAIL PROTECTED]
Sent: Wednesday, July 07, 2004 2:37 PM
To: [EMAIL PROTECTED]
Subject: [WTW] Self Employed Income VerificationHi All,
We recently received an inquiry for a Family Loan from an applicant that is self employed and is paid in cash. Since we need to verify the applicant’s wages for both program eligibility and capacity for repayment, how is this handled when the applicant’s wages are undocumented? Has anyone ever encountered this situation? If so, can you please share your experience with our site?
Thank You in Advance
Richard Ruiz
[EMAIL PROTECTED]
Seedco/N-PAC
New York, NY
