More changes were made to the PPP program. First, the deadline to apply is extended to May 31st. If you are self-employed or own a small practice, consider applying for a PPP loan. Remember, the PPP loan is FREE MONEY, and should NOT need to be repaid and should NOT be subject to federal income taxes.

A second change deals with how much PPP money self-employed individuals can receive. Under the revised PPP rules, you will base the maximum PPP loan on your Gross Collections as reported on your Schedule C. Previously, the calculation was a function of your net Schedule C income. Either way, the max you can receive remains at $20,833, with the calculation now based on gross revenue capped at $100k.

More info is available at:

Please visit the SBA website for more details at: