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central ohio | The criteria for self employed was that it was just based on so many weeks of average net income for the farm. Can’t remember the exact number of weeks but if you showed a net profit for the farm of over $100000 then you maxed out the amount which was $20833.33. This number is if you are a sole proprietor with no employees which can increase amount.
To qualify for the second round if you took the first round you have to show a 25% reduction in gross income year over year for any quarter in 2020. So if your 2020 income in quarter three (July 1-September 30) was reduced by 25% or more from 2019 you qualify. Weekly income can be based off of 2019 or 2020 I believe. So once again if you showed a net income of over $100000 you maxed out the loan at $20833.33.
Never understood how guys can show so little money as net income for the farm.
As far as the moral dilemma, I know I am the one who is going to be paying for this money printing in the future. I always show a real profit and pay plenty of taxes every year.
Jeff | |
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Moral Dilemma and PPP
