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

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…

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Do the rich really need a tax break during covid-19 via CARES Act?

Fine times, we are living in. People making $200k or $1M really need tax relief right now? https://qz.com/1854006/congress-faces-fury-over-cares-act-tax-breaks-for-the-rich/ He and Doggett, both members of the nonpartisan Joint Committee on Taxation (JCT), asked for an analysis of the tax breaks after…

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