Small business owner

Important Notice: for Sole Proprietors, Independent Contractors and Self-Employed Individuals only.

Sole Proprietors, Independent Contractors and Self-Employed Individuals may now calculate their PPP loan request based on gross income rather than net income following a new rule issued by the Small Business Administration (SBA).

The new SBA rule is not retroactive. Approved loans may not be revised using the gross income calculation.

The SBA will continue to allow Sole Proprietors, Independent Contractors and Self-Employed Individuals to apply for PPP loans using net income. If an application was submitted without specifically indicating a preference for gross income, the application will be processed as normal using the net income calculation.

Frequently Asked Questions:

Who qualifies to use the new gross income calculation option?

  • The SBA has determined that sole proprietors, independent contractors, and self-employed individuals that file a Schedule C qualify for this option. It’s important to note that employee payroll, if any, will factor into the calculation, and that the option to continue to use net income is still available and will be determined by the applicant. (Please see SBA forms 2483-C or 2483-SD-C for details and seek guidance from an accountant or attorney, as you deem helpful.)

What if I’ve already submitted my application but wish to use the new gross income option instead?

  • If you believe the gross income option applies to your application, please reach out through the Request Support link as soon as possible. Please note that the SBA rule is not retroactive and approved loans may not be revised.

What is required if I prefer to use gross income?

  • You will complete the standard online application for first or second draw using net income, as normal, but will select the gross income option when presented. You will then be required to upload the appropriate SBA form (2483-C for first draw or 2483-SD-C for second draw) to the Customer Portal, once completed and signed. The information provided in your 2483 will be the information used to review and decision your loan. (Be sure to carefully review your completed document to avoid delays.)


First Draw SBA Form 2483-C

Second Draw SBA Form 2483-SD-C


SBA Guidance & Loan Resources


Request Support

Customer Portal