Here is the summary of this radio show program.
Discussion on New PPP Loan Formula:
President Biden has changed the formula for PPP loan to force sole proprietors, independent contractors, and self-employed individuals to receive more financial support for the next two weeks starting from today, people business owners who have less than 20 employees can apply for the PPP Loan, if they have not applied earlier, they can apply for the first draw now.
If you're less than 20 employees, the chances of getting the loans is much, much higher. And getting a higher amount is easier with these changes. You can calculate your maximum loan amount using gross income instead of net profit.
As an NRI, I don't have any income in India except that TDs on the bank deposit. So how should I proceed? I declared this income in my years tax returns. But in in India tax return the tax consequences like as long as it is less than 10% I can get it back. So how should actually correct way? Do I get the TDs directed back into my refund in India tax returns?