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SBA Guidance for the Paycheck Protection Program

Wednesday, April 15, 2020   (0 Comments)
Posted by: Amy Spencer
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The SBA issued additional guidance for the Paycheck Protection Program, and it specifically addresses the often-asked question of how self-employed and partner income should be included in the loan application.

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).

The SBA also updates its FAQs at this link – the latest update is from April 14th.

 


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