Frequently Asked
Questions

FAQ for PPP applicants that file an IRS Form Schedule C

What is the difference between the new guidelines from the previous PPP guidelines?

Under the new guidelines, you can choose to use your gross income (Schedule C, Line 7) minus employee cost, or your net profit (Schedule C, Line 31) in the calculation of your eligible loan amount.

What is the maximum loan amount I can receive?

Under the guidelines the maximum loan amount for Sole Proprietors without employees cannot exceed $20,833 or $29,167 for applicants with NAICS Code 72; loan amounts for Sole Proprietors with Employees cannot exceed $2,000,000.

I submitted my application before March 3rd and I want my loan application to be analyzed under the new process, what do I need to do?

Complete a new application (2483-C if you are applying for your First Draw PPP loan or 2483-SD-C if you are applying for a Second Draw PPP loan) and upload it to the portal.

I submitted my application before March 3rd and was told my application was submitted to the SBA but I have not received loan documents, what do I need to if I want my loan application to be re-analyzed under the new guidelines?

Email your underwriter, request to have your current application re-evaluated under the new guidelines. Complete a new application (2483-C if you are applying for your First Draw PPP loan or 2483-SD-C if you are applying for a Second Draw PPP loan) and upload it to the portal.

I signed my loan documents but have not received my loan proceeds, what do I need to do if I want my loan application to be re-analyzed under the new guidelines?

Email your underwriter, request to have your current application withdrawn. Complete a new application (2483-C if you are applying for your First Draw PPP loan or 2483-SD-C if you are applying for a Second Draw PPP loan) and upload it to the portal.

I am a Single-Member LLC and file a Schedule C, am I eligible to apply under the new guidelines for Schedule C filers?

Yes, you are eligible to apply under the new guidance if you file a Schedule C.

I signed my loan documents and received my loan proceeds, am I eligible to increase my loan amount?

No, if you received your loan proceeds you are not eligible to increase your loan.
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