Treasury and the SBA Release New Guidance for Self-Employed Individuals and Independent Contractors Applying for Paycheck Protection Program Loans
The Treasury Department and Small Business Administration have released guidance for self-employed individuals and independent contractors (ICs) seeking to apply for loans under the federal government’s small business loan program known as the Paycheck Protection Program (PPP).
As discussed during the SWACCA Webinar on the CARES Act last Friday, SWACCA has been pushing to limit the extent to which the PPP program could be exhausted by self-employed individuals and ICs “double-dipping” by getting a PPP loan to replace their lost income while also simultaneously claiming expanded unemployment benefits created by the CARES Act that gives unemployment to the self-employed and ICs and makes them eligible for an additional $600/week.
SWACCA is pleased that the Interim Final Rule that will appear in the Federal Register in the coming days reflects SWACCA’s concerns by warning self-employed individuals and independent contractors that they “should be aware that participation in the PPP may affect [their] eligibility for state administered unemployment compensation or unemployment assistance programs, including the programs authorized by Title II, Subtitle A of the CARES Act, or CARES Act Employee Retention Credits.”
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