Late yesterday, the SBA issued additional guidance for the Paycheck Protection Program, and it specifically addresses the often-asked question of how self-employed and partner income should be included in the loan application.
The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees).
Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).
The SBA also updates its FAQs at this link – the latest update is from April 14th.
If you have any questions, please contact your HM&M advisor.
For more information check out HM&M’s COVID-19 Resources page.
HM&M COVID-19 ResourcesRelated Posts
Texas taxpayers only have until Friday, May 28, 2021 to file their application (Texas Form 50-312 Temporary Exemption Property Damage by Disaster) along with supporting documentation to obtain temporary property tax relief on qualifying property ...
Understand the employee retention credit If you received a PPP Loan, you were originally ineligible to take the Employee Retention Credit. However, with the passing of the recent Consolidated Appropriations Act, you may be able ...
We discuss below some of the more important recent developments involving Federal COVID-19 stimulus. June 30, 2020 is the last day a Paycheck Protection Program loan can be approved. If you are eligible for a ...
Compelled by the desperate times, the U.S. government has enacted by statute and dictated by other means many relief provisions aimed at propping up the economy and providing specific reliefs for the many millions of ...
Latest Blog
Will you be able to benefit from the One Big, Beautiful Bill Act (OBBBA), signed into law earlier ...
What could happen if you don’t file your taxes? If you’re required to file a tax return but ...
The One Big Beautiful Bill Act (OBBBA), which was enacted on July 4, 2025, is filled with favorable ...
HM&M Updates
Dallas, TX – Aug. 7, 2024 – HM&M, a Springline company (HM&M), a leading CPA firm with four ...
DALLAS, Dec. 11, 2024 – Springline Advisory, a trailblazing financial and business advisory firm, is proud to announce its partnership ...
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...