If you are self-employed, you’ll be reporting your net business income, which will be reported on a Schedule C. As long as your business was operational prior to February 15 of this year, you can apply to the Paycheck Protection Program.
According to the U.S. Treasury, “regardless of whether you have filed a 2019 tax return with the IRS, you must provide the 2019 Form 1040 Schedule C with your PPP loan application.”
What if I don’t have employees?
If you’ve already filed your taxes, you can submit your filled-out Schedule C to BlueVine. If you haven’t filed your taxes yet, you will need to accurately fill out a draft document and submit it to BlueVine with your application.
To enter your average monthly payroll, go to Line 31 from Schedule C.
What if I have employees?
If you are self-employed and have employees, you’ll need both a Schedule C and 944 Form.
To enter your average monthly payroll, go to Line 31 from Schedule C and add Lines 1 and 2 from Form 944.