Posted 7/29/2020 07:50 (#8402476 - in reply to #8402439) Subject: RE: How many farmers got PPP loans?
ottertail co mn
Illinois Steve - 7/29/2020 07:34
As with most government programs the rules changed as the program was being rolled out and even after it rolled out. At first it was for businesses with employees including farmers. Then it was changed to businesses with employees or Schedule F income. That opened the door for most farmers. It was based off of your 2019 tax return. If you had a bad year and didn't make money I don't think you qualified. As to how many farmers took advantage of it I have no idea. In talking with neighbors there was a very big difference in what different banks were telling their customers.
I didn’t have a bad year but I didn’t have much income due to depreciation so I showed little income.