JUST RELEASED: Updated PPP Application and Guidance for Sole Proprietors

Kansas City District Office  - March 2021

u s small business administration
Helping Mom and Pop Build Back Better

Updated PPP Applications and Guidance for Sole Proprietors

Today, the U.S Small Business Administration published updated guidance reflecting the new changes to the Paycheck Protection Program.

This interim final rule allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.

To view the new Interim Final Rule, click here.

To view the updated First Draw application, click here.


 

 

 

We remain focused on ensuring that the economic aid out gets out as quickly as possible to those eligible small businesses and other organizations affected by the COVID-19 pandemic. Stay tuned for more information as it becomes available.