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I am self-employed and have no employees, how do I calculate my maximum First Draw PPP Loan amount?

That’s pretty simple. What your entire loan amount is based on getting 2.5x your monthly earnings (or 3.5x if you’re going for 2nd draw and are in the food or hospitality industry). To find this:

  • Find your IRS 1040 Schedule C Tax Return from 2019 (the normal one you get)
  • Find the amount on Line 31. (if that’s over $100,000, reduce it to $100,000)
  • Divide that number by 12 (to find your average monthly earnings)
  • Multiply that monthly average by 2.5
  • That’s it!

For example, if your Line 31 says you earned $60,000 in 2019, you could apply for a loan of $12,500 ($60,000 / 12 = $5,000. Then $5,000 x 2.5).

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