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March 3, 2021 – The SBA has issued an interim final ruling which allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income.  SBA has issued updated forms for borrowers and lenders reflecting these changes and outlined how to calculate the loan amount.  The ruling clearly states the calculation change will only apply to new loans approved after March 3rd, 2021.

Unfortunately, borrowers whom have already had their loan approved are not able to increase their PPP loan amount based on the new maximum loan formula.  This program is open until May 31st, 2021.   Further details can be found on the link below.

PPP Update for Self-Employed Borrowers.pdf

1st Draw Application for Schedule C Filers.pdf

2nd Draw Application for Schedule C Filers.pdf

 

 

 

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