Small Business Administration Issues Additional Guidance for Paycheck Protection Program

April 15, 2020

The Small Business Administration (SBA) recently issued additional guidance for the Paycheck Protection Program (PPP), specifically addressing how self-employed and partner income should be included in the loan application.

The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income, with and without employees.

Additionally, the guidance clarifies 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).

Download the PDF of the new guidance and review more helpful resources, including frequently asked questions about the PPP, at TSCPA’s COVID-19 Information & Resources page.