SBA Paycheck Protection Program Rules & Guidance

The additional guidance provides specific information on calculating the maximum loan amount for individuals with self-employment income who file a Form 1040, Schedule C, Profit or Loss From Business. 

The guidance indicated that borrowers who have previously submitted loan applications may rely on the laws, rules, and guidance available at the time of the relevant application. However, borrowers who previously submitted loan applications that have not yet been processed may revise their applications based on clarifications reflected in the new FAQs.

The SBA also announced it will issue additional guidance at a later date for those individuals with self-employment income who: (1) were not in operation in 2019 but who were in operation on Feb. 15, 2020, and (2) will file a Form 1040 Schedule C for 2020.

The new rule is available here:  https://www.govinfo.gov/content/pkg/FR-2020-04-15/pdf/2020-07672.pdf