Posted 7/29/2020 11:37 (#8402839 - in reply to #8402778) Subject: RE: How many farmers got PPP loans?
Any accountant can figure the tax out. Defer 6.2% of self employment tax I think. And like sand85 said above the expenses it's used on aren't deductable. So in essence the money is taxable.
Free money is a no brainer....however it did hurt my pride to take it. Seems like pure welfare. The intent is to help employers keep their help during shutdown and off unemployment....where they really could have made some money...extra 600.00 per WEEK. My cows and crops didn't think I should lay myself off.
I suppose if a person doesn't take advantage of all the tools and opportunities given.....well.