Posted 7/29/2020 14:27 (#8403111 - in reply to #8403100) Subject: RE: How many farmers got PPP loans?
have done well over 30 million in PPP loans. Self employed farmers are eligible if you have a positive income on Sch F. up to a maximum of $100,000. Maximum loan with that 100K limit was 20,800. Forgiveness rules are still up in the air but it appears to be you need to write yourself a check for 8 weeks worth of the $100,000 (100,000/52 wks) * 8 weeks $15,384, Then spend the balance on the other eligible expenses, Interest, Rents, Utilites. , whole loan is then forgiven. However you can not claim those expenses on your 2020 taxes. So in essence its a grant disguised as a loan courtesy of your friendly Uncle. Biggest hurdle for most, was the fact that farmers love to show a negative income therefore are not eligible under the rules for rounds 1 and 2. Money is still left in round 2 and cutoff date is early in August (sorry forgot the date) so if you can qualify why not take the $'s