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IL | Below is information straight from the SBA. You will notice that you are now allowed to use "gross income." And you can use either 2019 or 2020 Schedule F. So in order to get the most benefit you may want to accelerate your tax preparation and see which year had the higher gross income and apply based on that number.
i. Step 1: Find your 2019 or 2020 IRS Form 1040 Schedule F line 9 gross income (if
you are using 2020 and you have not yet filed a 2020 return, fill it out and
compute the value). If this amount is over $100,000, reduce it to $100,000. If
this amount is zero or less, you are not eligible for a PPP loan.
ii. Step 2: Divide the amount from Step 1 by 12.
iii. Step 3: Multiply the average monthly gross income amount from Step 2 by 2.5.
iv. Step 4: Add the outstanding amount of any Economic Injury Disaster Loan
(EIDL) made between January 31, 2020 and ending on April 3, 2020 that you
seek to refinance. Do not include the amount of any advance under an EIDL
COVID-19 loan (because it does not have to be repaid).
https://www.sba.gov/document/policy-guidance-ifr-paycheck-protection...
Page 37 of this document begins the discussion on how farmers calculate their PPP amount.
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PPP and taxes.
