Women & Minority Owned Business Exclusive PPP- How the SBA changed the PPP calculation for 14 days.
The Biden Administration also announced changes in how the self-employed can calculate the size of their PPP loan. Until now, a self-employed PPP loan applicant would use “net income” (Line 31 on Form 1040 of the Schedule C), to calculate the loan amount. Using net income as the basis of determining loan size dramatically reduces the value of PPP loans for self employed or in some case getting a loan for only $1.
Going forward, self-employed individuals will use gross income to calculate the PPP loan amount. Additionally, the Biden Administration has set aside $1 billion for businesses in this category without employees located in low- and moderate-income (LMI) areas.
This is part of the Exclusive PPP Application to Women & Minority Small Businesses 14 day push.
YOU CAN USE YOUR 2019 TAXES TO APPLY. YOU DO NOT HAVE TO FILE 2020.
TAXKO Inc, is closely monitoring the details of this news and will be in communication with our clients with additional guidance and resources as the final details are signed into law.
HOW TO APPLY:
Please contact your bank your small business banks with to see if they offer the PPP under this new program. If they do not, or if they require you to open a bank account with them, we have partnered with a lender:
KEVIN L. WOODLEY
Water Street Capital Partners.
They will need the following to start the process:
• YOUR COMPANY EIN.
• YOUR SS#
• COMPANY NAME
• AND YOUR EMAIL ADDRESS
They have a secure portal and an online tool to track your PPP. Tell them TAXKO sent you and his team will treat you like family.
Good luck to all.