{"id":9306,"date":"2020-04-15T16:24:11","date_gmt":"2020-04-15T21:24:11","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=9306"},"modified":"2020-11-16T14:14:12","modified_gmt":"2020-11-16T20:14:12","slug":"ppp-guidelines-ic","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/ppp-guidelines-ic\/","title":{"rendered":"SBA PPP Guidelines for Sole Proprietors and Independent Contractors"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9306\" class=\"elementor elementor-9306\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-6bbae8d3 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"6bbae8d3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7ef38005 ae-bg-gallery-type-default\" data-id=\"7ef38005\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1450018d elementor-widget elementor-widget-heading\" data-id=\"1450018d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Clarification on loan amount, qualified expenses and forgiveness eligibility<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4738a3a9 elementor-widget elementor-widget-text-editor\" data-id=\"4738a3a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On April 14, 2020, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) on the Paycheck Protection Program (PPP) for sole proprietors and independent contractors.<\/p><h5><strong>Guidance on the Application for a PPP Loan by Sole Proprietor<\/strong><\/h5><p>The first piece of guidance released by the SBA is clarification on the loan amount that a sole proprietor may qualify for.\u00a0 The components to the loan calculation are as follows:<\/p><ul><li>Owner compensation: This is calculated based on your 2019 1040 Schedule C, line 31 (net profit amount) and is capped at $100,000 annually.<\/li><li>Employee salaries: These include all gross wages paid to your employees shown on your Form 941, line 5c.<\/li><li>Health insurance: Employer paid health insurance contributions as shown on Schedule C, line 14<\/li><li>Retirement: Retirement contributions as shown on Schedule C, line 19. Importantly this does not include the owner\u2019s portion of retirement contributions which are shown elsewhere on the tax return.<\/li><li>Taxes: State and local taxes assessed on employee compensation (primarily SUTA).<\/li><\/ul><p><em>The above amounts are annualized and then divided by 12 before applying the 2.5x multiple to calculate the loan.\u00a0 <\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-6cbd012d blue-box elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"6cbd012d\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4510cb9d ae-bg-gallery-type-default\" data-id=\"4510cb9d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-367c79b4 elementor-widget elementor-widget-text-editor\" data-id=\"367c79b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Additionally, the guidance states that a sole proprietor who is a partner in a partnership <strong><u>may not<\/u><\/strong> submit a separate PPP loan application as a self-employed individual.\u00a0 In this case the self-employment earnings would be applied for at the partnership level as a payroll cost up to a maximum of $100,000 annualized.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-6c7313e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"6c7313e0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6bcc46d ae-bg-gallery-type-default\" data-id=\"6bcc46d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5d9c6be2 elementor-widget elementor-widget-text-editor\" data-id=\"5d9c6be2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>This is new guidance, so for those partnership clients that have already applied for a PPP loan; there is no clarification on how this will be remediated.<\/p><p>The guidance is clear that you must supply your 2019 Schedule C and 2019 Form 1099-MISC (if you receive this), detailing non-employee compensation received in order to apply for a PPP loan.\u00a0 This is required in order to substantiate the expenses that are being used to calculate your maximum loan amount.\u00a0<\/p><p>The Schedule C does not need to be filed, but it must be filled out and supplied to the lender to substantiate taking the loan.\u00a0 The SBA will release additional guidance for those self-employed individuals who were not in operation in 2019 but were in operation before February 15, 2020.<\/p><p><span style=\"color: #003366;\"><strong>Applicability to CWA clients: <\/strong><\/span><\/p><p><em>For all clients regardless of filing type it is important to understand the above guidance on health insurance and retirement contributions; that is, the amounts eligible for loan calculation do not include the owner\u2019s portion of health insurance and retirement contributions (more on this below in regard to forgiveness).<\/em><\/p><h5><strong>Qualified Expenses for the PPP Loan for a Sole Proprietor<\/strong><\/h5><p>The proceeds of the PPP loan are to be used for:<\/p><ul><li>Owner\u2019s compensation up to $100,000, annualized as calculated by net profit (Schedule C, line 31)<\/li><li>Employee payroll costs (as discussed in previous guidance)<\/li><li>Mortgage interest payments on business obligations related to real or personal property<\/li><li>Business rent payments and business utility payments<\/li><\/ul><p>The guidance is unclear on rent paid to a related party (e.g. the owner of the dental practice also owns the dental building and rents back to the dental practice).\u00a0 It points to the interest on the mortgage being a qualified expense, but then later states the rent payment would be a qualified expense.\u00a0 CWA would recommend awaiting further guidance before making an assumption in this case.<\/p><p>In order to use PPP money on an expense, you must have claimed a deduction or be entitled to claim a deduction on the expense on your 2019 Schedule C.\u00a0 This means if you use PPP money for a utility bill you must have claimed a deduction in 2019 for this similar expense.\u00a0<\/p><h5><strong>Expenses Eligible for Forgiveness<\/strong><\/h5><p>The above expenses are eligible to spend PPP proceeds on.\u00a0 However, there is additional clarification on what is eligible for forgiveness.\u00a0 For employees (but not owners), salary up to $100,000 annualized is eligible for forgiveness.\u00a0 This is calculated on a weekly basis so only 8\/52nds (8 weeks out of 52 weeks) will be eligible, or a maximum of $15,385 per employee.<\/p><p>The other eligible expenses of retirement contributions, health insurance premiums, rent, utilities and interest are also eligible to be forgiven.\u00a0 However, the guidance indicates that sole proprietors are only eligible to receive forgiveness of $100,000 maximum of Schedule C, line 31 for their own compensation.\u00a0 This means the $100,000 maximum is inclusive of retirement contributions and health insurance for owners only.<\/p><p>Additionally, it is noted that the above limitations are being imposed because Congress didn\u2019t intend for the PPP loan to be a \u201cwindfall\u201d for the owner of the business.\u00a0 The intention of the program was to keep workers paid.\u00a0 This statement in conjunction with the understanding that an expense had to be incurred in 2019 in order to be eligible likely means there will not be the opportunity to lump sum fund retirement contributions, salaries for employees, or deferred rent and utilities.\u00a0 This is not clearly stated in the guidance but can be assumed given the wording in the IFR.<\/p><p><span style=\"color: #003366;\"><strong>Applicability to CWA clients:<\/strong><\/span><\/p><p><em>For all clients, regardless of filing type, the cap of $100,000 on owner\u2019s compensation is an important clarifying point.\u00a0 <\/em><\/p><p><em>Assuming this holds true for other entity structures, this likely limits the PPP to be used for $100,000 annualized ($15,385 for the eight weeks) for the owner inclusive of retirement contributions and health insurance.\u00a0 <\/em><\/p><p><em>Also, expenses will only be eligible if such expense was incurred in 2019. This limits the ability to add new expenses to qualify for forgiveness.\u00a0 For many CWA clients that remain closed this means the forgiveness problem gets even harder to solve.\u00a0 Being limited to $15,385 total in forgiveness for an owner significantly inhibits the ability to receive max forgiveness on this loan while your office remains closed.\u00a0 <\/em><\/p><p><em>\u00a0<\/em><\/p><p>It feels as if each time a new IFR is released, benefits for business owners become increasingly narrowed. CWA believes this new IFR foreshadows future guidance on the forgiveness of PPP loans for all self-employed individuals, whether sole proprietor or incorporated.<\/p><p>In conclusion, we encourage you to <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.cainwatters.com\/digitalblogs\/ifr-ppp-loan\/\">read our strategy following this new IFR<\/a><\/span> for consideration during the decision process.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29907ca elementor-align-center elementor-widget elementor-widget-button\" data-id=\"29907ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/ifr-ppp-loan\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Read Blog: \"SBA\u2019s latest Interim Final Rule offers clues into PPP loan forgiveness\"<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-24c5b974 elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"24c5b974\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-18cae267 blue-box ae-bg-gallery-type-default\" data-id=\"18cae267\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef8c4f elementor-widget elementor-widget-text-editor\" data-id=\"ef8c4f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Stay up to date with our latest news and strategy on our <span style=\"text-decoration: underline; color: #00b2a9;\"><strong><a style=\"color: #00b2a9; text-decoration: underline;\" href=\"https:\/\/www.cainwatters.com\/covid-19\">COVID-19 Resources<\/a><\/strong><\/span> page. If you are not a CWA client, but feel you could benefit from an experienced advisor guiding you through this process, <a href=\"https:\/\/www.cainwatters.com\/contact\/\"><strong><span style=\"text-decoration: underline;\"><span style=\"color: #00b2a9; text-decoration: underline;\">contact a member of our team<\/span><\/span><\/strong><\/a> for a complimentary consultation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Clarification on loan amount, qualified expenses and forgiveness eligibility On April 14, 2020, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) on the Paycheck Protection Program (PPP) for sole proprietors and independent contractors. Guidance on the Application for a PPP Loan by Sole Proprietor The first piece of guidance released by [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":9307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_ppma_block_editor_authors":""},"categories":[16,41,18,29],"tags":[],"ppma_author":[48],"class_list":["post-9306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-news-feature","category-featured","category-financial-planning","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBA PPP Guidelines for Sole Proprietors and Independent Contractors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/ppp-guidelines-ic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBA PPP Guidelines for Sole Proprietors and Independent Contractors\" \/>\n<meta property=\"og:description\" content=\"Clarification on loan amount, qualified expenses and forgiveness eligibility On April 14, 2020, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) on the Paycheck Protection Program (PPP) for sole proprietors and independent contractors. 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