Thanks. I saw the news. What’s this business about changes to the formula for IC/SP? Can Biden do this singlehandedly without congressional sign off?
It's expected to be changed to follow the farmers and ranchers rule, which is based on gross income and not net.
d. How do farmers and ranchers calculate the maximum PPP loan amount?
How you calculate your maximum loan amount depends upon whether you employ other individuals. If you have no employees, the following methodology should be used to calculate your maximum loan amount:
i. Step 1: Find your 2019 or 2020 IRS Form 1040 Schedule F line 9 gross income (if you are using 2020 and you have not yet filed a 2020 return, fill it out and compute the value). If this amount is over $100,000, reduce it to $100,000. If this amount is zero or less, you are not eligible for a PPP loan.