The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program’s extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.

10. Question: I am self-employed and was in operation on February 15, 2020, but was not in operation between February 15, 2019, and June 30, 2019. I will file a Form 1040 Schedule C or Schedule F for 2020. What is my maximum PPP loan amount?

Answer: In this case, your maximum PPP loan amount is generally equal to 2.5 times your average monthly payroll costs incurred in January and February 2020, plus the outstanding amount of any EIDL loan received between January 31, 2020, and April 3, 2020, that will be refinanced by the PPP loan.
The following methodology should be used to calculate the maximum amount that you can borrow  >>Read more

Content Courtesy of the SBA