June 3 Update: Senate Approves Paycheck Protection Program Flexibility Act of 2020; President Trump Expected to Sign.

The SBA on April 24 issued FAQs on how to calculate maximum amounts for PPP loans. The FAQs include detailed instructions for the following situations:

  1. Self-employed persons with no employees
  2. Self-employed persons with employees
  3. Self-employed farmers
  4. Partnerships
  5. Corporations
  6. Nonprofit organizations
  7. Nonprofit religious institutions, veterans organizations, and tribal businesses

The guidance also clarifies that LLC owners should follow the instructions that apply to the LLC’s tax situation.

We will continue to update you as we get more information on Coronavirus-related legislation and guidance that may impact you. Continue to check back here for the most up to date tax information and changes in response to Coronavirus. If you have more questions contact an MCB Advisor at 703-218-3600 or click here. 

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