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The SBA recently released new guidance outlining changes for self-employed individuals and independent contractors seeking Paycheck Protection Program (PPP) loans. These changes may allow qualifying individuals to access larger PPP loans. Here’s what you need to know about the updates to the program:
Self-employed individuals and independent contractors can now choose to calculate their PPP loan amount based on gross income rather than net profit. This change enables many self-employed folks and independent contractors to secure larger PPP loans as their total loan amount will not be affected by tax deductions the individual has taken.
Where can you find the gross income amount if you choose to calculate your loan this way? The gross income amount is reported on line 7 of your Schedule C.
With this new guidance comes a new methodology for calculating your loan amount. What you need to do depends on whether or not you have employees.
Follow these steps to calculate your loan amount:
Loans greater than $150,000 may be audited by the SBA to determine whether or not the borrower experienced an economic necessity for the loan. This is an additional aspect you may want to consider if using gross income pushes your loan amount over $150,000.
You can apply here now.
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4 min read • Aug 11, 2022