Posted 1/10/2021 15:29 (#8740073 - in reply to #8739971) Subject: RE: CFAP3 PPP - 25% decline in revenue rule
When you say $100,000 Sch F income, you mean gross, correct? So , if a farmer had $500,000 gross revenue and $500,000 expenses (net income of $0) he would get to the $100,000 CAP and be eligible for $20,800 ppp loan, correct?
To take it a step further, if the $500,000 in expenses included $50,000 of W2 wages, that would increase the loan amount, correct? What would the total forgiveable ppp amount be?
CFAP3 PPP - 25% decline in revenue rule
