Updated Guidance on PPP Loans

The Small Business Administration released an additional Interim Final Rule yesterday that provides guidance on a couple of key areas of uncertainty around the Paycheck Protection Program (PPP).

  • The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees).
  • Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).

You’ll find the new guidance here.

Please contact Scott Touro, MBA at stouro@hsccpa.com for more information.

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