The U.S. Small Business Association (SBA) has confirmed that those who are self-employed (such as family child care providers) can use their gross income instead of net income in applying for the maximum amount allowable under the Paycheck Protection Program (PPP). The change opens the door for larger loans to self-employed individuals.
The calculation change is detailed in a 32-page interim final rule published late yesterday afternoon by the SBA. The SBA also released an updated set of frequently asked questions and updated forms.
Which application form you use depends on whether you use tax form 1040, Schedule C to file your annual income taxes or not. Here are links for
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