Payroll Protection Program Loan – Schedulc

Recently the SBA has opened a 14 day exclusivity period for businesses and nonprofits with fewer than 20 employees to file for the Payroll Protection Program loan. Additionally, the requirements for the loan have changed for individuals utilizing Schedule C for income tax purposes. The loan amount is now based upon Line 7 of the taxpayer’s Schedule C. The loan will be forgiven as long as it is used for allowable expenditures. You will need to complete the application and provide the schedule C as well as any supporting documentation to your local bank. If you need assistance with completing this information, please contact our office.

If you would like additional information or feel you are eligible for this loan, please contact our office or your local bank.

Westbrook CPA