Please ensure Javascript is enabled for purposes of website accessibility

1-844-530-2724

Customer Support

Mon - Fri: 9:00 - 5:00 (CST)

Customer Support Hours

New PPP Guidance Issued: Revisions to Loan Amount Calculations and Eligibility

The SBA has published new Individual Funding Request (IFR) and new PPP application forms (SBA Forms 2483-C and 24830SD-C). 

The SBA has revised its procedures for PPP loan applications that require applicants to file a Schedule C. These changes impact the definition of “payroll costs” and loan amounts/eligibility, allowing for an alternative method to calculate the maximum PPP loan amount by using gross income (line 7) of 1040 Schedule C. 

In addition the IFR also removes two eligibility restrictions. Effective immediately, the IFR removes the eligibility restriction that prevented businesses with owners who have non-financial fraud felony convictions within the last year and the restriction that prevented businesses with owners who are delinquent on or in default on their Federal student loans from obtaining PPP loans. 

More Posts

All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.

The information provided is solely for general knowledge and does not provide any professional advice regarding tax, accounting, legal, financial, or any other professional service. PPP borrowers should contact their professional service providers for a complete understanding of the PPP program requirements and forgiveness processes.

SBA regulations regarding the PPP program are subject to further limitations and changes. Borrowers must follow current regulations and processes based on SBA guidelines. All characteristics described above are from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), and/or the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further rulemaking or guidance from the U.S. Small Business Administration and the U.S. government.