New Changes to How Schedule C Filers Calculate Maximum PPP Loan Amount
PPP changes that help streamline forgiveness for loans $150,000 or less
The SBA, with guidance from the Treasury Department, established an alternative calculation for payroll costs related to sole proprietors and independent contractors. These borrowers have a choice in using either “gross income” or “net profit”, in the calculation of their income.
Previously, only “net income” was allowable in the calculation of payroll cost as owner compensation.
Learn more about how Schedule C filers can calculate the maximum PPP loan amount by downloading this free ebook.
Should you have any questions, please don’t hesitate to contact any of the Zinner professionals for a no-obligation consultation to learn more.