Late yesterday, the SBA issued additional guidance for the Paycheck Protection Program, and it specifically addresses the often-asked question of how self-employed and partner income should be included in the loan application.
The new guidance discusses loan amounts and loan forgiveness calculations for individuals with self-employment income (with and without employees).
Additionally, the guidance clarifies that the self-employment income of general partners may be reported as a payroll cost, up to $100,000 annualized, on a PPP application filed by or on behalf of the partnership (and LLC filing taxes as a partnership).
Here’s a link to the Journal of Accountancy article and the SBA interim rule guidance.
The SBA also updates its FAQs at this link—the latest update is from April 14th. The AICPA is working to update the AICPA COVID-19 Resource Center, so more to follow.