IMPORTANT UPDATE: The SBA has announced new updates to the PPP for 2021. Most importantly, borrowers using Schedule C may elect to use their gross income (line 7) instead of net income (line 31) to determine their maximum loan amount.
Yes. The minimum PPP loan amount is currently $1000. So in order to qualify, you need to show at least $4800 in profit on your Schedule C, line 31 (or line 7, if you choose), since the PPP loan amount is calculated at 2.5 times your average monthly revenue. $4800 (annual profit) ÷12 (months) X 2.5 = $1000. If you didn’t earn at least $4800 in 2019 or 2020 as an independent contractor, self employed individual, sole proprietor, etc. you don’t qualify for a PPP loan at this time.