In a letter to the Biden Administration and Congressional Leaders, the NASE along side 100s of organizations called for an immediate change to the PPP loan application formula for calculating eligibility. Specifically, sole proprietors, independent contractors and self-employed individuals (most of whom typically file their business income taxes on IRS Form 1040, Schedule C) have reported significant challenges in accessing the necessary relief. Current provisions in program rules link the loan amount related to owner-employee payroll to “net profit” listed on line 31 of the owner’s IRS Form 1040 Schedule C, which prevents these microbusinesses from accessing meaningful amounts of aid. Which effectively excludes many of the smallest businesses from participating in PPP. Read the full letter here.
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Courtesy of NASE.org https://www.nase.org/about-us/media-relations/nase-in-the-news/2021/02/12/nase-calls-for-changes-to-ppp-loan-application-for-self-employed