Weekly Tax Tip #483
Updated PPP Applications and Guidance for Sole Proprietors
On March 3, 2021, SBA published updated guidance reflecting the new changes to the Paycheck Protection Program.
This interim final rule allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.
Finding a PPP Lender: Search for lenders in your area
PPP Forgiveness Update
Guidance & Forms at: PPP Loan Forgiveness (sba.gov)
• Interim Final Rules on Forgiveness
• Forgiveness Forms and Instructions
• Frequently Asked Questions on Forgiveness
Effective immediately, SBA will no longer deduct EIDL Advances from forgiveness payments remitted to PPP lenders
New: For Borrowers with a PPP of $150,000 or Less, Streamlined Forgiveness Application Now Available-Form 3508S
For further information or questions, contact us in Clarksville, at 931-648-4786, or in Brentwood, at 615-376-8101.
Thomas M. Henry | 03/05/2021