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PPP - Change of entity type


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We have a client who is interested in applying for the second round of PPP loans. He had received an amount in the first round and has been forgiven. The problem is that he changed from a sole proprietor to a corporation as of 7/1/20. So when he would compare income for 2019 and 2020, the business would not be the same type. Nothing changes other than the structure. He still owns and operates the business, has the same employees, etc.

Does this change disqualify him from the program ? My co-worker asked me about this and I'm not sure. I would really appreciate input on this from those of you who know more than me about this program.

 

  

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