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On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify.
The new SBA guidance offers specific instructions for the following entities:
- Self-employed with no employees
- Self-employed with employees
- Self-employed and reports income on IRS Form 1040 Schedule F
- S-corporations and C-corporations
- Nonprofit organizations
- Nonprofit religious institutions, veterans’ organizations, and tribal businesses
- LLC owners
If you belong to one of these groups and are seeking guidance on how to calculate the maximum PPP loan amount for which you are eligible, click here to read the SBA’s new guidance. As always, we encourage you to reach out to a Cole Gavlas PC professional with any questions. We are eager to advise you through this new and complicated process.