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
Partnerships
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 Scott & Company professional with any questions. We are eager to advise you through this new and complicated process.
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