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New rules for self-employed and gig workers applying for PPP loans are out. Here’s what you need to know

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chee gin tan | E+ | Getty ImagesThe Small Business Administration on Wednesday released a new application and loan calculation formula for Paycheck Protection Program loans for self-employed and gig workers.For these small businesses, it will mean larger forgivable loan amounts going forward.In addition, the SBA released updated guidelines for lenders on calculating loan amounts for Schedule C filers and new eligibility rules for borrowers, including those who had struggled with student loan debt, had non-fraud felony convictions or were non-citizen business owners.Claudia Radu, a sole proprietor who runs Vinyl Creations by CR in Woodstock, Georgia, hopes that the …

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