New information was just released from the Small Business Administration with guidance regarding the Paycheck Protection Program for self-employed real estate investors and agents.
This Interim Final Rule includes additional eligibility criteria and requirements for those who are self-employed.
If the loan is used for specific expenses during the 8 weeks following the disbursement of the funds, then the entire loan will be forgiven.
Schedule C filers are eligible for a Paycheck Protection Program loan.
Partners are not eligible for a separate Paycheck Protection Program loan.
New guidance says that 75% of the PPP loan should be used for payroll costs.
“This interim final rule supplements the First PPP Interim Final Rule with guidance for individuals with self employment income who file a Form 1040, Schedule C. This rule also addresses eligibility issues for certain business concerns and requirements for certain pledges of PPP loans.”
If this applies to you, please see the full document with all the details here.