Schedule C Filers can now apply for PPP based on Gross Income

Based on new rules from the Small Business Administration (SBA), self-employed individuals who file a Schedule C can now calculate their PPP funds eligibility based on gross income (Schedule C line 7) instead of using net profit (Schedule C line 31). This change is not retroactive, so any Schedule C filers whose PPP loans have already been approved cannot increase their loan based on these new rules.

Read more about this change in an article from the AICPA here.