Source: Journal of Accountancy, April 14, 2020: New SBA interim final rule issued April 13, 2020.

Sole proprietors: Will have to provide Form 1040, Schedule C from 2019. Net income (subject to self-employment tax) up to $100,000 will be considered.

Partners in a partnership / members of an LLC: Cannot apply separately from the partnership or LLC. Self employment income of partners/members pay be reported as a payroll cost up to $100,000.

As of last Monday, $242 billion of the total $350 billion had been funded to 1 million small businesses… so the funding window is closing.