The Small Business Administration released a new application and loan calculation formula for Paycheck Protection Program loans for self-employed and gig workers.
For these small businesses, it will mean larger forgivable loan amounts going forward.
In addition, the SBA released updated guidelines for lenders on calculating loan amounts for Schedule C filers and new eligibility rules for borrowers, including those who had struggled with student loan debt, had non-fraud felony convictions or were non-citizen business owners.
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