Washington Watch

On March 3, 2021, the Small Business Administration announced changes to the Paycheck Protection Program (PPP) for self-employed individuals. The changes include: - Self-employed business owners with no employees will be eligible for a loan equal to their 2019 or 2020 gross income, divided by 12, multiplied by 2.5.

This week the House will take up the Covid relief; the $1.9T includes the following small business provisions: Amendments to the Paycheck Protection Program: ​Eligibility of Certain Organizations

The Biden Administration also announced changes in how the self-employed can calculate the size of their PPP loan. Until now, a self-employed PPP loan applicant would use “net income” (Line 31 on Form 1040 of the Schedule C), to calculate the loan amount. Using net income as the basis of determining loan size dramatically reduces the value of PPP loans for self-employed because it excluded eligible expenses.

<p>Below you will find information and resources for the Paycheck Protection Program, including, guidance for first and second draws and how to apply for PPP Forgiveness. We have included the forms below, but as always, please make sure to visit our <a href="https://www.nase.org/covid-19">NASE&rsquo;s Covid-19 resource page for the most up to date information</a>.</p>

NASE continues to regularly update its Covid-19 Pandemic resource page to ensure our members have the most up-to-date information as it relates to the pandemic and the resources being afforded to the self-employed. Please bookmark the page.

The COVID-19 pandemic highlighted the importance of caregiving in our society. Many of the organizations that provide support to caregivers, such as nursing homes and schools, will look different than before the pandemic. Employers large and small will need to think about how their employees will balance new caregiving responsibilities with work responsibilities.