The Small Business Administration has released additional guidance for self-employed individuals seeking relief through the new Payroll Protection Program loan, addressing eligibility and documentation requirements for individuals who file Form 1040 Schedule C and partners in a partnership.
SELF-EMPLOYED INDIVIDUALS WHO FILE FORM 1040 SCHEDULE C
PARTNERS IN A PARTNERSHIP
- The self-employment income of general active partners should be reported as a payroll cost, up to $100,000 annualized, on a PPP loan application filed by the partnership, limiting the partnership and its partners to one PPP Loan.