From pages 6-7 2. Revenue reduction requirement The Economic Aid Act provides that, to be eligible for a Second Draw PPP Loan, the borrower must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019.
Bottom of page 7 Moreover, this approach is appropriate because, if annual filings show a 25 percent revenue reduction, then at least one quarter in 2020 would have had at least a 25 percent revenue reduction. A borrower that did not experience a 25 percent annual decline in revenues, or that was not in operation in all four quarters of 2019, may still meet the revenue reduction requirement under one of the quarterly measurements described above.
The 25% reduction only applies to second draw, not first draw thus a farm with: 1) 2020 gross is higher than 2019 gross would still be eligible for first draw, but not for a second draw 2) 2020 gross is less than 75% of 2019 gross would still be eligible for first draw and a second draw 3) 2020 Qx gross is less than 75% 2019 Qx gross would still be eligible for first draw and a second draw (note: need to know quarterly revenue and is possible that 2020 gross is higher than 75% of 2019 gross)
I would suggest talking to the banker since they are the ones issuing the loans and loaning the money. I would leave the banking to the banker and the accounting to the accountant, unless your accountant is doing the banking and your banker is doing your accounting.