The Small Business Administration on Friday updated its frequently asked questions as well as its guidance concerning how to calculate revenue reduction and maximum loan amounts for first- and second-draw Paycheck Protection Program loans.
Notably, FAQ 66 outlines how lenders can help Schedule C filers who had already submitted a loan application to use gross income instead to calculate their loan amount.
Also, FAQ 17 for first-draw PPP loans and FAQ 19 for second-draw PPP loans clarifies that farm partnerships may not use gross income to determine loan amount.
Qualified joined ventures as defined by the IRS (generally married couples that file jointly, both materially participate in the business and each elect not to be treated as a partnership) can apply as Schedule F borrowers using gross income. However, only one spouse in a qualified joint venture may submit a PPP loan application on behalf of the qualified joint venture.