Self-Employed Schedule C: Get your PPP Money, NOW!

by | Mar 3, 2021 | Community, Government

Are you a self-employed individual and a Schedule C filer? Have you received your PPP funds yet?

If you have not received your PPP funds, or if you need to increase your original amount, then listen up!

The Paychex Protection Program (PPP) is now allowing those who are self-employed & Schedule C filers to obtain Paycheck Protection funds using their 2019 or 2020 Gross Income, not Net Income.

The new Borrower Application SBA Form 2483-C is titled “Paycheck Protection Program Borrower Application Form for Schedule C Filers Using Gross Income March 3,2021” – see link below.

The calculation is easy, just take your gross income from 2019 or 2020 IRS Form 1040, Schedule C Line 7 (capped at $100,000), divide that by 12 (capped at $8,333.33), then multiply by 2.5 (plus EIDL). That will equal the Loan Amount (capped at $20,833.33).

If you have not already requested PPP funds, we suggest that you contact your banker and tax professional to discuss your eligibility as soon as possible!

Helpful Links

  • Click Here for the PPP Borrower Application Form for Schedule C Filers Using Gross Income (21-03-03)
  • Click Here for Coronavirus (COVID-19): Small Business Guidance & Loan Resources
  • Click Here to find a lender (check with the bank you work closest with first)

In order to reach the smallest businesses, SBA will offer PPP loans to businesses with 20 or less employees, and sole proprietors, only from Wednesday, February 24, 2021, through Wednesday, March 10, 2021.

It's Time to Assess Your Team

Now may be a good time to assess your professional team that surrounds you. Have they told you about the Paycheck Protection Program? Are they willing to jump in the trenches and help you until you get the money needed to survive? This could be your banker, tax professional, business advisor, attorney, etc. You finally NEED them and they NEED to step up.

If you have any questions, or need assistance, please give us a call at 248-934-0550 or contact us below.

We’d be glad to help!

Please keep in mind that we are in the midst of tax season and are extremly busy. While we are advocating for you to benefit from any program you qualify for, we suggest that you first discuss this program with your banker as they should be the experts in this department.

CONTACT US

9 + 5 =

2025 Wine & Whiskey Tasting

Seven reasons to attend the 2025 Rotary Club of Clarkston Annual Wine & Whiskey Tasting!

2024 Senter, CPA Year in Review

Reflecting on 2024, Senter CPA has experienced significant growth and success.

Paid Medical Leave Act ( PMLA)

There is a new reporting requirement beginning January 1st, 2024, and most businesses are now required to report. What is the beneficial ownership information report, or BOI?

2024 Wine & Whiskey Tasting – Donation Needed

Seven reasons to attend the 2024 Rotary Club of Clarkston Annual Wine & Whiskey Tasting!

2024 Wine & Whiskey Tasting

Seven reasons to attend the 2024 Rotary Club of Clarkston Annual Wine & Whiskey Tasting!

2023 Senter, CPA Year in Review

Here at Senter CPA we had an incredible 2023. We’ve been busy assisting clients, contributing to our communities, and growing our team. We’ve added one full time TEAM member to our team who has greatly strengthened our service and capabilities. We’re looking forward to a wonderful 2024 tax season.

The Rotary Club of Clarkston Needs YOU

As an affiliate of Dolly Parton’s Imagination Library, the Rotary Club of Clarkston is committed to creating a community that works for all children and all families, especially those most in need. Literacy is the foundation of a child’s education and helping kids thrive is our priority.

With generous funding support from our friends in the Clarkston community and Rotary network, we have partnered with Dolly Parton’s Imagination Library Program to mail a new book to each enrolled child under 5 every month at no cost to his or her family.

Imagination Library Needs YOU

As an affiliate of Dolly Parton’s Imagination Library, the Rotary Club of Clarkston is committed to creating a community that works for all children and all families, especially those most in need. Literacy is the foundation of a child’s education and helping kids thrive is our priority.

With generous funding support from our friends in the Clarkston community and Rotary network, we have partnered with Dolly Parton’s Imagination Library Program to mail a new book to each enrolled child under 5 every month at no cost to his or her family.

What is a Tax Extension

As many are well aware, the federal income tax filing due date for individuals, for the 2022 tax year, is approaching fast. Due date is Tuesday, April 18, 2023.

If you feel you need more time, there’s no need to worry. Filing a tax extension is an option, and truthfully, it’s not nearly as frightening as it may sound.

2022 Senter, CPA Year in Review

Here at Senter CPA we had an incredible 2022. We’ve been busy assisting clients, contributing to our communities, and growing our team. We’ve added two full time TEAM members to our team who have greatly strengthened our service and capabilities. We’ve also added an annual tax season TEAM member who is an Enrolled Agent so you (and we) should notice an improvement to our turnaround time come the 2023 tax season. Wow! That will make us a TEAM of 6.

Always remember, Senter, CPA is here for you if you need any assistance.

Don't hesitate to give us a call at 248-934-0550, or contact us below.

A Day in the Life of a CPA During Tax Season (Please Send Snacks)

If you’ve ever wondered what happens after you drop off your tax documents, here’s a little behind-the-scenes look at life inside a small CPA firm during tax season.

Sharing Online Banking with Your Accountant

To allow your accountant access to your bank’s online banking system, follow these general steps. This typically involves navigating to a “User Management” or “Account Access” section, where you can add a new user and set permissions—usually “view-only” for accountants.

The 7 Deadly (Tax) Sins of Small Business Owners

Running a business is hard enough — between serving customers, managing staff, and juggling invoices, your taxes can feel like an afterthought. But beware, small business owner: the IRS has seen it all, and a few “little” mistakes can cost you big.

What the New “No Tax on Tips” Rule Means for You

The treatment of tip income is changing in 2025, thanks to the new “No Tax on Tips” provision introduced under the One Big Beautiful Bill Act (OBBBA). While tips remain taxable in several respects, eligible workers may now claim a federal income tax deduction of up to $25,000 annually for “qualified tips.”

Why QuickBooks Can’t Replace Your Accountant (Even If It Thinks It Can)

Let’s face it — QuickBooks is amazing. It’s like the Swiss Army knife of bookkeeping. It tracks your income, pays your bills, and even sends friendly reminders that you forgot to reconcile your bank account… again. But while QuickBooks can do a lot, it can’t do everything — especially the things that can make or save you money. And that’s where your accountant (hi, that’s us) comes in.

Business Mileage Deductibility: What Qualifies and What Does Not

Vehicle expenses can be a valuable tax deduction, but only when mileage is properly classified and documented. For tax purposes, the deductibility of mileage depends on whether the travel is considered business, commuting, or personal. Understanding these distinctions is essential to support allowable business mileage deductions.

Welcome to the Senter, CPA Team – Shannon Currie

Shannon is pleased to join the Senter team as a Staff Accountant.

How to Document Charitable Donations for Tax Deductions

Accurate documentation is essential when claiming charitable contributions on your tax return. The IRS requires specific records depending on the type and value of your donations. Maintaining proper records ensures your contributions are deductible and helps you avoid issues if your return is ever reviewed.

How to make Federal & State Income Tax Payments (update January 2026)

Paying federal and Michigan income taxes is pretty straightforward and are now required to be paid online.

2025 Individual Tax Return Process

At Senter, CPA, our goal is to make your tax preparation experience as seamless and efficient as possible.