New rules for Schedule C PPP Loan applicants - Now use Gross Income! {FREE CALCULATION DOWNLOAD}

To get your spreadsheet (Google Sheets or Excel) to calculate your PPP loan amount go here: https://claracfo.podia.com/gross-income-ppp-loan-calculator-for-schedule-c-filers-updated-march-3-2021

President Biden made an executive order last week proclaiming that there would be a change in how the Sole Proprietor, Independent Contractor, or Self-Employed individual would calculate a new PPP loan. These rules have been pending, but we now have SBA guidance on how to treat these loans.
This video explains the new loans, and how to calculate using Gross Income instead of Net Income.

New Applications from SBA:
First Draw: https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form-for-Schedule-C-Filers-Using-Gross-Income.pdf
Second Draw: https://home.treasury.gov/system/files/136/PPP-Second-Draw-Borrower-Application-Form-for-Schedule-C-Filers-Using-Gross-Income.pdf

Interim Final Rule mentioned in this video: https://home.treasury.gov/system/files/136/PPP-IFR-Loan-Amount-Calculation-and-Eligibility.pdf

We also clear up if this rule is retroactively applicable.

Hannah Smolinski gives lots of tips in this video if you are still seeking a PPP loan!

To get $100 off assistance with your PPP forgiveness application using Upside Financial's PPP Advisor Pro service, use our affiliate link here: https://borrower.upsidefinancial.com/promo/HannahSmolinski

Hannah Smolinski is a #CPA and the Founder of Clara CFO Group.

Find out more about Clara CFO Group at https://claracfo.com/

Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.

Видео New rules for Schedule C PPP Loan applicants - Now use Gross Income! {FREE CALCULATION DOWNLOAD} канала Clara CFO Group