g. What documentation will I be required to submit to my lender with my request for loan forgiveness? PPP 1. Individuals With Self-Employment Income Who File a Form 1040, Schedule C

FAQ#: 226 published 4-23-2020

PPP 1. Individuals With Self-Employment Income Who File a Form 1040, Schedule C

Effective Date: This rule is effective April 20, 2020.

g. What documentation will I be required to submit to my lender with my request for loan forgiveness?

In addition to the borrower certification required by Section 1106(e)(3) of the Act, to substantiate your request for loan forgiveness, if you have employees, you should submit Form 941 and state quarterly wage unemployment insurance tax reporting forms or equivalent payroll processor records that best correspond to the covered period (with evidence of any retirement and health insurance contributions). Whether or not you have employees, you must submit evidence of business rent, business mortgage interest payments on real or personal property, or business utility payments during the covered period if you used loan proceeds for those purposes.

The 2019 Form 1040 Schedule C that was provided at the time of the PPP loan application must be used to determine the amount of net profit allocated to the owner for the eight-week covered period. The Administrator, in consultation with the Secretary, determined that for purposes of loan forgiveness it is appropriate to require self-employed individuals to rely on the 2019 Form 1040 Schedule C to determine the amount of net profit allocated to the owner during the covered period for the reasons described in Paragraph 1.d. above.

Reference Resource

Comment Date: Comments must be received on or before May 20, 2020.

To submit your comment on this topic here: SBA-2020-0020-0001



Comment | Suggestion | Feedback

Secured Federal USDA Single Family Housing Repair Loans up to $40,000 for 20 years at 1 percent interest and Grants of up to $10,000.

FAQ#: 453 published 4-19-2022 1 min. 50 seconds read

Read


How to help homeowners with their construction projects without requiring a license in Louisiana ยง309. Construction Management [Formerly ยง119]

FAQ#: 456 published 4-19-2022 3 min. 35 seconds read

Read


What does disaster Unmet needs mean?

FAQ#: 457 published 4-18-2022 1 min. 25 seconds read

Read


SBA Reconsideration Loan: My home was hit by Hurricane Sally I am in need of an SBA loan to repair my home. Please reconsider my denied application.

FAQ#: 459 published 4-18-2022 2 min. 44 seconds read

Read


How to calculate your Wind, Snow, Tornado and Seismic risk assessment and apply that information to better home building.

FAQ#: 458 published 3-5-2022 2 min. 31 seconds read

Read


How do I know if my mortgage is federally backed or federally secured? COVID-19 Housing Assistance Program Appeals Process.

FAQ#: 460 published 1-13-2022 2 min. 50 seconds read

Read


Reconsideration of Declined Loan Applications SBA Economic Injury Disaster Loan (EIDL)

FAQ#: 235 published 4-23-2020 updated 1-4-2022 4 min. 48 seconds read

Read


Reconsideration of Declined EIDL add Personal Financial Statement Disaster Programs SBA Form 413D (03-18) to your document list.

FAQ#: 403 published 8-6-2020 updated 12-31-2021 1 min. 54 seconds read

Read


FEMA Resource for Substantially damaged homes

FAQ#: 384 published 4-25-2021 updated 12-31-2021 1 min. 27 seconds read

Read


Insurance company issued a two-party check for hurricane damage repairs but my mortgage handler is holding the money from me. Why are they doing this?

FAQ#: 455 published 12-30-2021 3 min. 44 seconds read

Read