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IL | 5 year loan at 1.00%. Payments begin 10 months after the end of your covered period. But the loan is forgivable if the funds are used in accordance with the rules. For a Sch F farmer with no employees you really have no rules to follow as it is essentially treated as income replacement. I will mention that you must attest that "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." | |
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CFAP3 PPP - 25% decline in revenue rule
