Any update on this? If I already got 2nd round, will my fund be adjusted and get more? What should I do now?
On March 3, 2021, the SBA published new PPP loan application forms and PPP loan rules and guidance regarding several changes designed to increase the amount of PPP funding reaching America’s smallest businesses.
The changes include a new PPP loan amount calculation formula for applicants who file IRS Form 1040 Schedule C. The new formula allows applicants to use 1040 Schedule C line 7, Gross Income, as the basis for including owner salary and wages in the computation of their PPP loan amount, instead of line 31, Net Profit, up to a maximum amount of $100,000. This change only applies to sole proprietors, self-employed individuals, independent contractors and single member LLC applicants who file taxes using IRS Form 1040 Schedule C.
