More Updates About the Paycheck Protection Program
More information regarding the Paycheck Protection Program is available with the Small Business Administration releasing new rules, and Congress being urged to extend the application deadline. Click the ‘Read More’ buttons below to learn more about recent information relating to Paycheck Protection Program.
PPP Self-Employed Borrowers Can Use Gross Income, SBA Rules
Paycheck Protection Program rules released by the Small Business Administration let self-employed individuals who file a Form 1040, Schedule C, calculate their maximum loan amount using gross income, instead of net profit. But the SBA and the Treasury Department have ruled Schedule C filers who have been approved for a PPP loan using net profit may not resubmit their application using gross income, which would provide for a larger PPP loan.
AICPA Urges Congress to Extend PPP Deadline
The American Institute of Certified Public Accountants (AICPA), citing processing problems with the Paycheck Protection Program, has called on Congress to extend the program’s application deadline past March 31. The AICPA recommends an extension of at least 60 days.
If you should have any questions, please contact our office at (206)243-2336 or email us at office@hawthorne-cpa.com.
** This information is provided for general educational purposes only. Before taking any action based on this information, we strongly encourage you to consult with a professional accounting advisor about your specific situation.