SBA updates “How to calculate maximum loan amounts” document. #PPP #TaxTwitter https://home.treasury.gov/system/files/136/PPP--How-to-Calculate-Maximum-Loan-Amounts-for-First-Draw-PPP-Loans-and-What-Documentation-to-Provide-By-Business-Type.pdf
Question 3 on farmers stipulates line 9 of Sch F (which is gross income) should be used to determine PPP loan amount:
There are now two ways to compute your #PPP loan amount for a sole proprietorship that started business in 2019.
New Question #10 re: corporation or nonprofit that started in 2019.
Treatment of employee Federal taxes is finally addressed in new question #13. #PPP
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