The U.S. Small Business Administration (SBA) issued a new interim final rule Tuesday, April 14, that supplements the guidance for the Paycheck Protection Program (PPP) for self-employed taxpayers.
The additional guidance provides specific information on calculating the maximum loan amount for individuals with self-employment income who file for Profit or Loss From Business (Form 1040 Schedule C). Learn more.
The SBA will issue additional guidance for individuals with self-employment income who were not in operation in 2019, but were on Feb. 15, 2020, and will file a Form 1040.