On March 12, the U. S. Small Business Administration (SBA) issued additional guidance for lenders and borrowers participating in the Paycheck Protection Program (PPP). The first guidance includes:
- How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type.
- It provides a step-by-step calculation for each business type, including Schedule C using gross or net calculations.
- Questions number 15-18 are new.
How to Calculate Maximum Loan For First Draw PPP Loans PDF
There was also an additional FAQ (#66) added on the Paycheck Protection Program Loans FAQs regarding options for lenders to assist Schedule C filers who already submitted a PPP loan application to use gross income to calculate their PPP loan amount.
Paycheck Protection Program FAQs (as of March 12, 2021)
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