The SBA has released updated guidance for the new PPP Loan Calculations for Sole Proprietors, Independent Contractors and Self-Employed Individuals. Highlights of the guidance include:
Revised loan calculations for Sole Proprietors, Independent Contractors, and Self-Employed individuals: Loan calculations for owner's compensation can now be based on either the Net Profit or Gross Income as reported on the Schedule C for 2019 or 2020.
Use of funds for Schedule C filers with loans calculated on the gross profit have been expanded to include proprietor expenses as a forgivable expense.
Maximum owner's compensation is capped at $20,833 except: Businesses with a primary NAICS that begins with 72 (owner's compensation maximum of $29,167)
If you would like assistance with any of the
Covid-19 Relief Programs:
Existing SBDC Clients:
Contact your business advisor to schedule an appointment.
New SBDC Clients:
Go to www.nysbdc.org, click on make an appointment and submit the
form. Once we receive the form, a business advisor will contact you to
schedule an appointment.
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