Seems like what you said makes sense and I applied for a PPP Loan based on 1099 income. Although, I did receive assistance, it was based on my tax return Schedule C. Calculation was as follows: (Schedule C Net Income divided by 12 months) x 2.5. What my personal result is help paying rent and utilities. Every little bit helps in these crazy times.

I believe it is up to your bank to approve/deny your application. If, you have a good relationship with your Bank and a Banker they will be happy to assist.