Illinois | Reality speaks - 1/10/2021 14:52
I work at a local community Ag Bank and our SBA experts on the PPP loan are telling us that Farmers do not have to show the 25% decline in Revenue.
They are the only class of business's that have this exception.
Round 3 is based upon Gross Schedule F income capped at $100,000 Max loan at that is $20,800.
You can also qualify for more if you pay wage income to someone else (W2's not 1099's) Not sure if there is a limit on the wage component
Obviously they are basing it off 2020 tax return for eligibility but is the loan off 2019 or 2020 schedule F? |
CFAP3 PPP - 25% decline in revenue rule
