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How to use 1040 Schedule C for your PPP

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    Good news! As a result of the recent announcement from the White House and SBA on the Paycheck Protection Program (PPP), you may now be eligible to apply for a higher PPP loan amount based on your gross sales.

    The SBA requires applicants provide a completed 2019 or 2020 Schedule C to calculate the loan amount.  

    If you haven’t filed 2020 taxes yet and want to use these figures to calculate your PPP loan amount, that’s ok! The 2020 Schedule C that you provide for your PPP loan should be the same as what you will file with the IRS. Here are five steps to get started:

    1. Download the Schedule C from the IRS website.

    2. Fill in the top section with your relevant information, including Name of Proprietor, Business Name, SSN, and EIN, if applicable. 

    3. Fill in Part 1 – Income.

    • Line 1 is Gross Receipts or revenue. 
    • Lines 2-6 includes returns, allowances, cost of goods, and other income. They do not include expenses (that’s in Part 2 of the Schedule C). 
    • Calculate Line 7 – Gross income. 

    4. Fill in Parts 2-5 on the Schedule C.

    5. Upload your Schedule C to your SmartBiz Loans PPP application.

    If you have not filed your 2020 taxes and need assistance, there are firms that can help like H&R Block or online services like TurboTax. The IRS has a detailed guide on how to fill out your Schedule C. Please note that filing your Form 1040 Schedule C is not a requirement for submitting your document for your application. 

    Apply Now. Hodler Capital Group will build your business website. We will show you how to establish business credit and access business financing with one on one support. Contact us now and start building your business for the future.


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