Self-Employed Businesses Seek Rule Tweaks for Larger PPP Loans (1)

Feb. 17, 2021, 6:34 PMUpdated: Feb. 17, 2021, 9:49 PM

Self-employed businesses seeking forgivable government loans have been struggling to untangle an ongoing issue trying to get funds that would save their businesses from collapsing.

Sole proprietors, independent contractors, and self-employed individuals must use a dollar amount from their income tax form to calculate how much money they could get from the Small Business Administration’s Paycheck Protection Program. But the figure is the money a business makes after expenses—significantly lower than the amount a business could qualify for if the SBA let them use the amount made before expenses.

For many small businesses, those funds could mean the difference between ...

To read the full article log in. To learn more about a subscription click here.