The Small Business Administration (“SBA”) issued an update to its “Frequently Asked Questions for Lenders and Borrowers for the Paycheck Protection Program,” adding question #46 and the response, which is recited below.  For PPP loans of less than $2 million, the borrower will be “deemed to have made the required certification concerning the necessity of

In addition to certain entities, independent contractors, sole proprietors and “eligible self-employed individuals” may be eligible to apply for a Paycheck Protection Program loan under the CARES Act.

What is an eligible self-employed individual? It is important to note that the statute did not refer to “self-employed individuals” which would have been very easy for