The Paycheck Protection Program was a federal program that paid out $790.9 billion in small business loans during the COVID-19 pandemic.

Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.

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Congress extended the Paycheck Protection Program’s application deadline through May 31, 2021. Funds were exhausted in early May 2021. At this point, the PPP was no longer available.