Small Business Administration Issues Additional Guidance for Paycheck Protection Program
The Small Business Administration (SBA) recently issued additional guidance for the Paycheck Protection Program (PPP), specifically addressing how self-employed and partner income should be included in the loan application.
The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income, with and without employees.
Additionally, the guidance clarifies the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).
Download the PDF of the new guidance and review more helpful resources, including frequently asked questions about the PPP, at TSCPA’s COVID-19 Information & Resources page.