CARES Act — 1099 Contractor Update

We are going to keep this one short and sweet. We just received information that the SBA issued an update last night. No 1099 contractors are to be included in a company’s PPP application. Those 1099 contractors should apply directly for the PPP for themselves.

The other update that you should know is the interest rate has been increased to 1% for any portion of the loan that isn’t forgiven.