#SBA LOAN CALC PLUS#

At least a 25% reduction in revenues in at least one quarter in 2020 when compared to previous quarters.To qualify for a second PPP loan, in addition to the requirements above, your business must also have: Your business must have been operational by February 15, 2020. In addition, the normal affiliation rules are waived for franchises or businesses receiving financial assistance from a Small Business Investment Company. Sole proprietors or independent contractorsīusinesses in the food or hospitality industry (NAICS codes beginning in 72) may be eligible on a per-location basis.Small businesses, 501(c)(19) veteran’s organizations or tribal concerns that meet the SBA size standards (See the 2020 SBA size standards here.).Small businesses or non-profit 501(c)(3) organizations with 500 or fewer employees.To qualify for a Paycheck Protection Program loan, you must be a small business as defined by the SBA.

#SBA LOAN CALC PLUS#

PPP loans for Schedule C filers not approved by Mamay use either net profit or gross income (line 7), plus employee payroll (if applicable.) Do I qualify for a first-time PPP loan?

Self-employed individuals (including independent contractors) who file IRS Form 1040 Schedule C with no employees should enter their net profit from their 2019 or 2020 Schedule C (line 31).

Do not include payments to contractors you pay on a 1099 basis. Do not include rent, mortgage interest or utility payments when calculating your loan amount.Qualified sick and family leave wages for which a credit is allowed under sections 70 of the Families First Coronavirus Response Act.Any compensation of an employee whose principal place of residence is outside the United States.The compensation of an individual in an amount that is more than $100,000 on an annualized basis, as prorated for the period during which the compensation is paid or the obligation to pay the compensation is incurred’’.

Sba loan calc