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SBA Issues New PPP Calculation Option For Self-Employed Taxpayers

The U.S. Small Business Administration (SBA) issued a new Paycheck Protection Program (PPP) interim final rule allowing self-employed individuals who file Schedule C, to calculate their maximum loan amount using gross income rather than net income.

This new rule pertains to Schedule C filers who have yet to be approved for a first or second-draw PPP loan.  The IFR addresses different calculations for Schedule C filers with and without employees, as well as qualified use of the PPP proceeds, loan necessity safe harbor rules, and new application forms.

Click Here for the full document: Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to Loan Amount Calculation and Eligibility