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new rule is about to make PPP loans

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The US Small Business Administration (SBA) is expected to issue a rule as soon as Monday that will make loans from the Paycheck Protection Program (PPP) more generous for business owners without employees.

Companies and nonprofits without employees have always been eligible for PPP loans. But while loans to businesses with employees are based on payroll, companies without employees currently receive loans based on net income. The new rule expected from the SBA will instead base loan amounts off of sole proprietors’ gross income, significantly expanding the amount of money for which they are eligible.

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Linda Barbara

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