On April 14, 2020, the Treasury Department has issued the following guidance for the Coronavirus Aid, Relief, and Economic Security Act's ( ‘‘CARES Act") Payroll Protection Provision program ("PPP") for self-employed and partnership applicants:
- Confirmed: Self-employed should use their Schedule C profit in calculating max loan amount, substituting for gross payroll.
- Negated: Guaranteed payments to partners should be INCLUDED as "payroll cost" on the partnerships PPP loan; the individual partners should NOT file their own PPP application as a self-employed person (although thousands and thousands already have).
We understand how uncertain this time and our firm is prepared to advise you on which program is best suited for your financial situation as well as assist you in the application process for the two programs. Please do not hesitate to contact our firm with any questions, Fazzio Law is in your corner.
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