Author Topic: Changes coming to PPP  (Read 493 times)

jpdx

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Changes coming to PPP
« on: February 28, 2021, 02:12:51 PM »
Coming soon, small businesses will be able to use gross income instead of net profit from self-employment for calculating a PPP forgivable loan.

https://www.cnbc.com/2021/02/24/bigger-ppp-loans-for-gig-workers-self-employed-havent-started-yet.html

Sure hope there is a way to apply for the difference for those with an existing PPP loan. If anyone has any other details, please share.

terran

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Re: Changes coming to PPP
« Reply #1 on: March 02, 2021, 12:30:58 PM »
Interesting, so basically you could get 2.5 months worth of your business expenses (schedule C line 28) plus home office deduction (schedule C line 30). Hopefully they'll have a way to true up those of us who have already gotten one or both PPP loans. I have pretty low business expenses, so it won't be a ton (still nothing to sneeze at, so I'll take it), but for some businesses that could be a HUGE increase.

terran

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Re: Changes coming to PPP
« Reply #2 on: March 04, 2021, 08:48:31 AM »
I spoke with somewhat at the bank where I got the loan and was told that the guidance they've been given is that loans that have been funded won't be increased, but loans that had not yet been sent to the SBA could be. I got the impression this was guidance from the SBA, but they were kind of ambiguous, so it could have been guidance from higher ups at the bank.

jpdx

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Re: Changes coming to PPP
« Reply #3 on: March 05, 2021, 10:53:44 AM »
I have heard the same, which sucks. The new guidelines also appear to only apply to Schedule C businesses.