NOTE!!!! THIS VIDEO DOES NOT TAKE INTO ACCOUNT THE LATEST SBA GUIDANCE USING GROSS RECEIPTS AS THE BASIS OF LOAN CALCULATION - Any reference to Line 31 of Schedule C has now been updated to line 1 of schedule C. Guidance pending..... ATTENTION ALL independent contractors, 1099 workers, gig workers, sole proprietors, or ANYone else who files a Schedule C.....this video is for you! Hannah Smolinski shares EVERYTHING you need to know about PPP for these types of business owners. How can you get a PPP loan (1st or 2nd), calculate the right amount, use the money correctly, and apply for forgiveness!???
Make sure you get your copy of the spreadsheet I have prepared for you, along with other PPP resources, here:
Since you are a sole proprietor (self-employed), your rules for PPP forgiveness are different from other businesses that pay all their employees through payroll. You are going to want to pay attention to these different rules so you can maximize your forgiveness amount and be legal!
Your biggest source of information for this calculation will be your 1040 Schedule C. Make sure you either have your filed 2019 or a draft 2020 Schedule C. This is used to calculate your loan amount AND your forgiveness, so it’s really important.
Make sure you watch the Non-payroll costs video if you want to include any of those when you spend your PPP:
To get $100 off assistance with your PPP forgiveness application using Upside Financial's PPP Advisor Pro service, use our affiliate link here:
Hannah Smolinski is a #CPA and the Founder of Clara CFO Group.
Find out more about Clara CFO Group at
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.
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