scmn | The loan application requires you to initial that: The Applicant has not and will not receive another loan under the Paycheck Protection Program, section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) (this does not include Paycheck Protection Program second draw loans, section 7(a)(37) of the Small Business Act (15 U.S.C. 636(a)(37)).
The loa application also askes if: Is the Applicant or any owner of the Applicant an owner of any other business, or have common management (including a management agreement) with any other business? If yes, list all such businesses (including their TINs if available) and describe the relationship on a separate sheet identified as addendum A.
If you look at your schedule F and schedule C they have both your SSN and EIN so separate EINs will not help since the SSN is the owner. For a married couple you could work around this and put the spouses SSN on the schedule F or even file a schedule F for each spouse like is done with a partnership, but then you fall under partnership limit so it would be easier to have a separate schedule F cash crops and livestock and file one under the spouses SSN.
Essentially, as a sole proprietor with both a schedule C and schedule F you need to lump the two together and are still limited to the lesser of schedule F gross + schedule C net or $100,000 thus limiting the loan to $20,833.33 for the individual. If you apply for 2 separate loans, it would be fraud since they have common management (same owner). dit to add pictures
Edited by MiradaAcres 1/14/2021 11:58
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