Posted 7/29/2020 08:37 (#8402553 - in reply to #8402369) Subject: RE: How many farmers got PPP loans?
Divide your 2019 Schedule F profit by 12 to get monthly average profit, then multiply by 2.5. Decide if that number is worth pursuing. The application only takes a few minutes to fill out.
At this point you are into the 24-week covered period which means 100% of your PPP loan based on a sole proprietor Schedule F profit is forgiven.
The real magic is in section 109 of the Senate's proposed HEALS Act where the Schedule F 'payroll' is redefined as gross receipts vs. net profit. That means anyone who farms more than about 120 acres of corn/soy gets a full $20,833 PPP loan. Which will partially offset losses in commodity price crashes.
I found that going into town to the consumer bank was ultimately required, as Farm Credit and the local ag bank were unable to timely figure this out for me. Took hardly any effort at the local consumer bank.