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  2. PPP Origination Issues

I want to apply under the new Rules for sole proprietors or independent contractors

 Please be sure to reference our extensive FAQ page HERE

We note that you are inquiring to the new PPP rules announced by the White House on 2/22/21 and enacted by the SBA with an Interim Final Rule on 3/3/21.

SBA guidelines on PPP loan eligibility have changed to give sole proprietors the option to use Gross Income (Schedule C Line 7) or Net Profit (Schedule C Line 31) to determine their eligible loan amount. The SBA also released a new application form 2483-C that must be used by sole proprietors electing to use Line 7 gross income for their calculation. We are working to integrate the new form into our technology as quickly as possible, but the process will take several days to complete.

In the meantime, our Verification & Underwriting Teams are working to update our loan approval amount and will send the loan amount options to you via e-mail.