Finally! We’ve been asking for guidance on PPP loan amounts for Farmers, and 29 days later, we were provided with an FAQ that provides information on how to calculate maximum loan amounts, by business type, including Schedule F’s. Treasury confirms that PPP applications submitted but not yet entered into E-tran will not have to be recalculated using the new guidance. PPP submissions re-opened on April 27, 2020. Self Employed Farmers should use IRS Form 1040 Schedule F in lieu of Schedule C, and Schedule F line 34 net farm profit should be used to determine loan amount in place of Schedule C line 31 net profit. The calculation is otherwise the same as for Schedule C filers, and is capped at $100,000. The 2019 IRS Form 1040 Schedule 1 Read More...
Archives for May 2020
EIDL for Agricultural Enterprises TODAY!
Notice from the SBA: In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses. As of TODAY, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already Read More...