Regardless of whether you have filed a 2019 tax return with the IRS, you must provide the 2019 Form 1040 Schedule C with your PPP loan application to substantiate

FAQ#: 237 published 4-23-2020

PPP applicants, you should be reading before posting.

You are going to lose money or go out of business for not reading the rules from SBA.

Where can you find this paragraph?

"Regardless of whether you have filed a 2019 tax return with the IRS, you must provide the 2019 Form 1040 Schedule C with your PPP loan application to substantiate the applied-for PPP loan amount and a 2019 IRS Form 1099-MISC detailing nonemployee compensation received (box 7), invoice, bank statement, or book of record that establishes you are self-employed. You must provide a 2020 invoice, bank statement, or book of record to establish you were in operation on or around February 15, 2020."

If you ignore the rules you will discover what "Recapture" is all about.

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