PPP UPDATE 03.03.21 | Self-Employed & Contractors | More Money
On March 03, 2021 the SBA revised the Paycheck Protection Program (PPP) for Schedule C Filers to use Gross Income instead of Net Profit which means you qualify for MORE PPP funds. Watch this video for a better understanding of how Independent Contractors, Self-Employed and Sole Proprietors all qualify for this new revision.
Links:
Link to SBA Application for PPP First Draw Application Form for Schedule C Filers Using Gross Income: https://www.sba.gov/document/sba-form-2483-c-ppp-first-draw-borrower-application-form-schedule-c-filers-using-gross-income
Link to First Draw PPP Loan SBA Webpage: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans
Link to IRS Form Schedule C for 2020: https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
Take what you learn from this video and ask your legal or tax professional all of your specific questions. If you want to contact me, my information is below.
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This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation.
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