DavidS127
Expert Alumni

Self employed

For sole proprietors, your PPP loan is based on your Schedule C net income, i.e., line 29 from your Schedule C.  The guidance on the PPP is very specific, loans are not allowed for 1099-MISC payments.  According to the guidance those 1099-MISC independent contractors must apply for their own PPP loan.  In other words, if it wasn't reported on a W-2, you can't get a loan for it.

 

I know of no special form to use for the PPP loan, most lenders will provide their own application forms.

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