In Today’s video, you’ll learn about the new PPP rules issued by the SBA that can greatly help sole proprietors, independent contractors, and self-employed.
Before the SBA changes many small business owners who didn’t have payroll had to calculate on net income now can use gross sales.
If you already filed under old rules- Tough luck. But if you haven’t can make a big difference.
For example – before one of my clients didn’t qualify because their net income was zero after depreciation write-offs. Now we can use the gross income of $150K and qualify for $31,250 in PPP loans.
Must use the new forms (2483-C for the first draw and 2483-SD-C for the second draw)
Warning- SBA has announced that they will look closely at loans of $150K or more to make sure you had a real need for the funds.
Forgiveness rules are the normal rules for sole proprietors that I covered in earlier videos.
All of this is very confusing so get help if you think this is something that will help you