13/04/2021 · The PPP limits compensation to an annualized salary of $100,000. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation ;· As a self-employed individual with no employees your PPP loan was based on your Schedule C Net Income (Line 31). That is the amount that you will also use for forgiveness. We will use a self-employed individual, Jason, as an example to help you better understand how to complete this application. Jason’s Schedule C Net Income for 2019 was $85, ;· PPP Loan Terms for Self-Employed Workers. The PPP loan program’s original rules made it difficult for self-employed workers to qualify for any meaningful size loan, and the payroll ratio requirements made it impossible to receive complete forgiveness on the loans. However, new changes to the program impact how self-employed worker loans are calculated and forgiveness criteria. Maximum PPP Loan …•New Loan Forgiveness Application 3508EZ –3 pages •Separated into 3 sections: pages 1 and 2 must be submitted to the lender: 1. PPP Forgiveness Application (p 1) 2. Certification (p 2) 3. Borrower Demographics (p 3) 4. Instructions This application is only for the following Borrowers: •Self employed and have no Clarifies PPP Loan Forgiveness for the Self-Employed. We now have both the new clarity and an easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. New Easy Road to 100 Percent Forgiveness. Say thanks to the Paycheck Protection Program Flexibility Act of Clarifies PPP Loan Forgiveness for the Self How PPP Loan Forgiveness Works for the Self-Employed Self-Employed Guide to the PPP Forgiveness Application Self-Employed Guide to the PPP Forgiveness Application Loan Forgiveness PPP for Self-Employed Workers The Paycheck Protection Program (PPP) is a loan created to give small businesses an incentive to retain their employees during the COVID-19 pandemic that could be forgiven if used for payroll, business mortgage interest payments, rent, or ;· The Paycheck Protection Program was introduced in April 2020 and offered fully forgivable loans to the self-employed. Since then, changes have been made to make PPP loan forgiveness for the self-employed easier to obtain. Forms 3508S and 3508EZ are simplified versions of form 3508. The self-employed can use either simplified version to make applying for PPP loan forgiveness a breeze.

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