Updated Guidance on PPP Loans

The Small Business Administration released an additional Interim Final Rule on April 14 that provides guidance on a couple of key areas of uncertainty around the Paycheck Protection Program (PPP). 

  • The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees).  
  • Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).  

You’ll find the new guidance here: https://home.treasury.gov/system/files/136/Interim-Final-Rule-Additional-Eligibility-Criteria-and-Requirements-for-Certain-Pledges-of-Loans.pdf  

The AICPA will be updating and providing additional resources as part of the SBA Paycheck Protection Program resources for CPAs to reflect this new guidance.