PPP maximum loan amount for self-employed (1040 Schedule C Line 31)

White Walruscovid-19, Small Business
Been reading on reddit in the small business subreddit and people seem to be confused on how to calculate the maximum loan amount for the PPP (Paycheck Protection Program).
https://about.bankofamerica.com/promo/assistance/latest-updates-from-bank-of-america-coronavirus/small-business-assistance?cm_sp=EBZ-BAC-Announcement-_-BACAnnouncement-_-AMT2QG7J01_SB_SuperHighlights_SBCares_SHL_sbCaresAssistSBShlCta
And here is the link to the guidance from US Treasury:
https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf