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Hobbyfarmer
Honored Advisor

Re: BA, "where's my CFAP(2?)", maybe a clue.

  • BA.... any farmer qualifies for ppp first draw if you file a schedule F income tax form.
  • Two days before Christmas the rules changed from net income to gross farm income.
  • As a sole proprietorship, you are the employee 
  • Maximum amount is 20.833% of gross up to 100,000 of schedule F Gross.
  • Makes payout maximum of $20,833 for do it yourself farmer.
  • Once you're done with ppp 1, you can go get round 2 IF you can do the 25% quarter over quarter thing.
  • If you have employees you would get yours plus 2 and a half months salary paid to all  employees.. adds up.

 

Edit.

It is a sba 1% loan that is fully intended to be fully forgiven. After it is properly spent according to the guide lines.

Takes two and a half months to disperse it properly. Then a one page form requesting forgiveness is signed and sent in.

It is all handled through you local favorite bank's loan department. All of them down here are now scrambling to get them as SBA now gives them a minimum of $2500 finders/origination fee to do them. No cost to you whatsoever.

At the rate it happening around here do not wait as it is subject to approved funding. Call tues morning. Mon is a holiday. 

 

rickgthf
Senior Advisor

Re: Thanks Hobbyfarmer, nice presentation.

You laid it all out in a straight forward way.

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Hobbyfarmer
Honored Advisor

Re: Thanks Hobbyfarmer, nice presentation.

For what it is worth who got them and how much is not a secret.

 

 

https://www.federalpay.org/paycheck-protection-program

 

Scroll down to box that has search tab, just put in zip code of

where you want to snoop, hit search,

don't have to put in anything else.

 Be prepared to be astounded...

The site doesn't appear to have been updated for several months

(Since rules have been changed). 

BA Deere
Honored Advisor

Re: Thanks Hobbyfarmer, nice presentation.

Thanks for the link Hobbyfarmer, the tide went out and we see who`s swimmin` necked.   

"female operated, corn farm"?     Ooooookay     LOL   I wonder what gimmick that involves  Smiley Happy

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