The average total monthly payroll costs incurred or paid during the same year.The net profit in 2019 or 2020, capped at $100,000 (if less than $0, use $0), divided by 12, and.Self-employed individuals who have employees are eligible for a maximum loan amount that is the lesser of $2 million or the product obtained by multiplying 2.5 times the sum of: Self-employed individuals making $100,000 or more will be eligible for a loan of $20,833. Self-employed individuals who do not have employees are eligible for a maximum loan amount that is obtained by multiplying the net profit in 2019 or 2020 (as reported on IRS Form 1040 Schedule C), limited to a maximum of $100,000, divided by 12 times 2.5. The average total monthly employee payroll costs incurred or paid during the same year.The difference between gross income and employee payroll costs (Schedule F, Lines 15, 22 and 23) in 2019 or 2020, as reported on a Schedule F (IRS Form 1040), that is not more than $100,000, divided by 12, and. Farmers and ranchersĮligible farmers and ranchers operating as sole proprietorships, independent contractors, or self-employed individuals that do not have employees and that were in business as of February 15, 2020, will use gross income (Schedule F, Line 9) in 2019 or 2020, that is not more than $100,000, divided by 12, multiplied by 2.5.įarmers and ranchers that have employees will use the lesser of $2 million or the product obtained by multiplying 2.5 times the sum of: The number of months in which those payroll costs were paid or incurred, multiplied by 2.5 (borrowers with an NAICS beginning with 72 will multiply by 3.5)īorrowers assigned an NAICS code beginning with 72 (accommodation and food services) - that are not a seasonal employer or a new entity as defined above, have self-employment income, or are a partnership - will use 3.5 times the average total monthly payroll costs incurred or paid during either 2019 or 2020, with a maximum loan size of $2 million.The sum of the total monthly payroll costs paid or incurred as of the date on which you apply for the second draw PPP loan, divided by.When determining the maximum second draw PPP loan amount for new entities, use the lesser of $2 million or the quotient of: New entitiesĪ “new entity” is one that did not exist during the one-year period preceding Februbut was in operation on February 15, 2020. Borrowers with an NAICS code beginning with 72 will multiply by 3.5. Seasonal employers will use the average total monthly payroll costs incurred or paid for any 12-week period between Februand February 15, 2020, multiplied by 2.5, with a maximum loan size of $2 million.
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