228. e. Are there any other restrictions on how I can use PPP loan proceeds? PPP 1. Individuals With Self-Employment Income Who File a Form 1040, Schedule C

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

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

e. Are there any other restrictions on how I can use PPP loan proceeds?

Yes. At least 75 percent of the PPP loan proceeds shall be used for payroll costs. For purposes of determining the percentage of use of proceeds for payroll costs (but not for forgiveness purposes), the amount of any refinanced EIDL will be included. The rationale for this 75 percent floor is contained in the First PPP Interim Final Rule.

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

Reference Resource:

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




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