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n. Illinois | PPP loan for farmers. The new round of PPP has been enhanced for farmers, You now qualify based upon your gross Sch F Income, If its over $100,000 you will max out at $20,800, in addition if you pay wages to someone where your deducting payroll taxes (not 1099's) you will qualify based upon that income too. Example. Gross sales Schedule f 1,500,000, Wages paid 100,000. Limit on gross income is $100,000 plus $100,000 for wages = $200,000 that your PPP loan will be based on, The math is you will then qualify for 20.8% of the $200,000 or $41,600 in this example. This is a huge change from the first two rounds when it based upon Net Schedule F income. | |
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PPP and taxes.
