The Small Business Administration issued new Paycheck Protection Program (PPP) guidance for self-employed individuals filing Form 1040, Schedule C to calculate their maximum loan amount using Gross Income instead of Net Profit.
This new calculation is explained in SBA Interim Final Rule on Loan Amount Calculation and Eligibility. Click the link to this Interim Final Rule.
New First Draw PPP Borrower Application Form for Schedule C Filers using Gross Income is available here.
New Second Draw PPP Borrower Application Form for Schedule C Filers using Gross Income is available here.
PPP funding is currently scheduled to end March 31, 2021, so now is the time to submit your application.
For more information about COVID-19 tax relief measures and other issues, visit the special section on our website.