Payroll Protection Program for the Self-Employed and Payroll Tax Updates

Apr 16, 2020

On April 14, 2020, the Small Business Administration (SBA) released another Interim Final Rule related to the Payroll Protection Program (PPP). This Rule provides guidance for individuals with self-employment income who file a Form 1040, Schedule C.

Taxpayers who file a Form 1040, Schedule C are eligible for a PPP loan as long as the following criteria are met 1) In operation on February 15, 2020; 2) Have self-employment income (as an independent contractor or sole proprietor); 3) Principal place of residence is the United States; and 4) Filed or will file a Form 1040, Schedule C for 2019.