Posted 1/13/2021 18:24 (#8748729 - in reply to #8748508) Subject: RE: Quick PPP question
yes they changed the rules from only wages paid, Then to net farm income (lots of negative income in 2019) and now its based upon the Gross income up to $100,000. Any gross income over 100,000 doesn't increase your loan size, So if your gross is over $100,000 the max loan size is $20,800, (we round it down) based upon Gross Income from 2019. You can apply based upon the 2019 gross in what is called draw 1, There is what is being called draw 2, In that you have to document that in any quarter in 2020 your gross is 25% less than the same quarter in 2019. If your gross is over $100,000 then the max loan based upon that is $20,800 and if you have wage expenses where you issue w2's you get to claim on that as well at (monthly average payroll times 2.5) Hope this helps. The Change to gross income is major change take advantage of it.