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In a Paycheck Protection Program (PPP) loan application, can the cost of independent contractors (1099s) be included when calculating the loan amount?
No. The cost of independent contractors (1099s) cannot be included when calculating the loan amount. The total loan amount is based on average monthly payroll. The exact definition can be found in this US Department of the Treasury Paycheck Protection Program Factsheet for Borrowers. The resources below provide more helpful information.
The US Chamber of Commerce has created a very helpful guide to help small businesses understand the Paycheck Protection Program and help them prepare to file for a loan.
The US Department of the Treasury has a Paycheck Protection Program web page that includes several helpful resources, including a Paycheck Protection Program Factsheet for Borrowers that provides even more detail.
The US Small Business Administration (SBA) has a Paycheck Protection Program web page that provides information on the program, who can apply, how to apply, loan details and forgiveness, and more.
Claremont Insurance Services and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
There may be a more recent answer to this question. Contact Claremont for an update.