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SE Iowa | Looking at SBA website about the different ways of filing for PPP. I have an S-corp and pay myself a wage on which I qualify for a small amount of money based on that wage. No other employees. Did not file for ppp in 2019 There are no schedule F on S-corp tax worksheets (schedule K) so no payments from that angle. Also file personal tax which does have Schedule F form but very little farm income, line 9, (e-plant dividend) because the S-corp is the farmer in my operation as it rents my land and most of my personal income is that rent from the corp. So I went and figured my gross income by quarters for 2019 versus 2020. 2nd quarter I have a huge difference between 2019 and 2020 in grain sales so I can easily show the 25% reduction quarter over quarter ( more like 90%) simply because of the way the grain was marketed over the two years. With government payments, 2020 far exceeds 2019 for income but those payments were not in 2nd quarter. But my S-corp does not qualify under the rules laid out. If I was not incorporated it would. Am I missing something here and should a guy feel guilty applying when 2020 was a very good year with all that CFAP money thrown at us?
Edited by vickruse 2/27/2021 07:06
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ppp and how you file taxes
