We created a comprehensive, comprehensible guide all about PPP loan forgiveness for the self-employed, sole proprietors, and independent contractors. This is everything we know based on information directly from the SBA, the 19th Interim Final Rule (IFR) filed on June 19th, 2020, and the last update for loans of $50,000 or less released on 8/25/2020 · We created a comprehensive, comprehensible guide all about PPP loan forgiveness for the self-employed, sole proprietors, and independent contractors. This is everything we know based on information directly from the SBA and the 19th Interim Final Rule (IFR) filed on June 19th, Self-Employed Loan Forgiveness As of 6/10/2020 • Utilities Includes payment for electricity, gas, water, transportation, telephone, or internet access. Service must have been established prior to 2/15/2020 Limited to the extent it was claimed or entitled to be claimed on 2019 Schedule CSelf-employed individuals can use a simplified forgiveness application we call the ‘EZ Form’. This form applies to you as long as you don’t have employees on payroll. If you do have payroll expenses, then you can use the standard forgiveness to the interim final rules published by the SBA in June, self-employed individuals who received a PPP loan may apply to have their loan forgiven at any time on or before the loan’s maturity date if you have used all of the PPP loan proceeds from the loan for which you are seeking Forgiveness For Self Employed Workers - Biz2CreditPPP Self-Employed Loan Forgiveness - AICPAPPP Forgiveness For Self Employed Workers - Biz2CreditHow PPP Loan Forgiveness Works for the Self-Employed 12/11/2020 · The first step in the process is choosing the right loan forgiveness application form. Self-employed individuals have two loan forgiveness application options: SBA Form 3580S or SBA Form 3508Z. In early October, SBA Form 3580S was released specifically for …The maximum loan attributable to and forgiveness available for the “compensation paid” to any owner-employee across all businesses is. $15,385 for borrowers who received a PPP loan before June 5, 2020, and elected to use an eight-week covered period, or. $20,833 for …EIDL: You must subtract any grant (advance) received from the SBA under the Economic Injury Disaster Loan (EIDL) program for forgiveness purposes. (An EIDL loan does not reduce forgiveness but should be used for a different purpose and/or timeframe.) If you have applied but not received an EIDL grant (advance), enter $0.

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