8/25/2020 · According to the Paycheck Protection Program Flexibility Act, freelancers, self-employed individuals, solopreneurs, and independent contractors who took their maximum loan amount ( their 2019 monthly income) are ensured full Loan Forgiveness for the Self-Employed Frequently Asked Questions This calculator estimates forgiveness for self-employed individuals who file Schedule C and have no employees. These FAQs are for informational purposes only, are general in nature, and should not be relied upon or construed as a legal opinion or legal ;· Generally, the PPP loan amount that businesses qualify for is based on their average payroll expenses. However, since sole props and contractors usually don’t have payroll, their loan is based on 2019 net profit divided by 12, to get a monthly “average” net profit. This number times equals your PPP loan you must apply for forgiveness of your PPP loan using SBA Form 3508. Instructions for PPP Loan Forgiveness Calculation Form 3508EZ Business Legal Name (“Borrower”)/DBA or Tradename (if applicable )/Business TIN (EIN, SSN): Enter the same information as on your Borrower Application Form (SBA Form 2483 or lender’s equivalent).You are a self-employed individual, independent contractor, or sole proprietor with no employees at the time of the PPP loan application and did not include any employee payroll expense in the average monthly payroll expense calculation on that Self-Employed Loan Forgiveness - AICPASBA Finally Issues Guidance on Self-Employed Individuals How PPP Loan Forgiveness Works for the Self-Employed How PPP Loan Forgiveness Works for the Self-Employed 12/11/2020 · Expenses that qualify for loan forgiveness include eligible payroll costs—which, for self-employed individuals, would just be salary and/or hourly wages, unless their business employs other workers (unlike other small businesses, which can use PPP loan proceeds to cover employee benefits like retirement benefits, sick leave, employer contributions to employee retirement plans, or employee …6/17/2020 · The unpublished version of the update ensures full forgiveness for self-employed, freelancers and independent contractors who took the maximum loan amount based on times their 2019 monthly Self-Employed Loan Forgiveness As of 6/10/2020 • Utilities Includes payment for electricity, gas, water, transportation, telephone, or internet access. Service must have been established prior to 2/15/2020 Limited to the extent it was claimed or entitled to be claimed on 2019 Schedule C4/15/2020 · The SBA has issued Paycheck Protection Program (“PPP”) guidance for self-employed individuals who file an IRS Schedule C with their Form 1040 to report their self …4/14/2020 · Proceeds from any advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan. [9] The Treasury and SBA felt the need to justify limiting some expenditures to those incurred in 2019 in the case of the self-employed and using 2019 as the sole period for measuring the maximum loan amount:

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