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NE Iowa | My banker was very helpful in understanding the rules, and of course, applying for the loan (must be done through a financial institution). Bummer that your banker doesn't know the details. Is there anyone else at your bank that might know about it?
Sounds to me like you would qualify for both 1st draw (no dependence on year-over-year income comparison) and 2nd draw (need to show 25% gross inc loss in like quarters from 2019 to 2020). Loan amounts would be gross farm income (capped at $100K) / 12 * 2.5. That same calculation is done for both draws. I'm assuming you didn't apply the first time around last year. | |
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Do I qualify for PPP?
