PAYROLL PROTECTION PROGRAM FOR THE SELF-EMPLOYED
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.