Summary
Towards the , the tiny Business Administration given a lot more statutes about brand new Paycheck Protection Program (PPP). The newest recently awarded regulations provide clarification and you will advice to own thinking-employed some one (together with independent builders) trying good PPP financing. Below try a high-top report on trick portions of the the newest rules. However, this realization try none exhaustive nor a whole research of such freshly approved statutes. The full text of the the newest signal can be acquired right here:
Eligibility for those which have Notice-Work Earnings (Sole Holders & Independent Designers)
People who have notice-a career earnings (in addition to separate designers or only holders) have been running on and who filed (otherwise commonly document) Plan C along with their 2019 federal tax returns qualify to own private PPP money. Partners in the a partnership, or an enthusiastic LLC taxed while the a partnership, aren’t entitled to a single PPP loan, however, understand the next part of that it email.
Partners in the a good Partnerships (as well as a keen LLC taxed due to the fact union)
People into the a partnership, in addition to LLC people inside an enthusiastic LLC you to data files taxes since the a good relationship, are not permitted truly sign up for a PPP mortgage. As an alternative, the connection or LLC may get a great PPP loan and through the self-a career earnings from general energetic partners otherwise members just like the a great payroll prices, to $100,000 annualized. Ler mais
