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Summary of SBA Interim Final Rule effective March 3, 2021.

The Interim Final Rule released March 3, 2021 by the Small Business Administration allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.
Borrowers should know:

  • If they file an IRS 1040, Schedule C, and would like to use Line 7, Gross Income
    • They are required to complete SBA Form 2483-C for first draw loans and 2483SD-C for second draw loans.
    • If the amount reported on line 7 of Schedule C exceeds $150,000.00 and they submit SBA Form 2483-C or 2483SD-C, they waive their right to safe harbor provided by SBA for borrowers, together with their affiliates, who receive PPP Loans with an original principal amount of less than $2 million to demonstrate the need for the PPP loans.

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