On Tuesday, April 14 the SBA released guidance for Schedule C and Schedule F filers on how they could claim PPP funds based on their net self-employed earnings in 2019. We have prepared an article reviewing these issues as of April 16. See our summary here.
See this 4/23/20 post for an update to the PPP Program regarding the item in red:
Unfortunately, on April 16, the SBA announced no new applications would be accepted as the funds allocated to this program have been appropriated and no remaining funds can be obtained at this time. To read more regarding this from the Journal of Accountancy, click here.
We still encourage you to speak to your banker even if you did not get an application prepared. If Congress would allocate additional funds it will be on a first come first serve basis and those already in line will have an advantage.
However there are other issues to consider if you did not get the PPP. If you are self-employed you can apply for unemployment instead of taking the PPP loan. If you could not get the PPP and you have employees, you could utilize the employee retention credit, which is a credit that reduces payroll tax. That is a backup option to get cash if the PPP is not an option for you. Also if you do not get the PPP you could defer payroll tax payments to 2021 and 2022.