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Coffee Shop
Govt program
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<blockquote data-quote="calfmomma" data-source="post: 1667767" data-attributes="member: 40242"><p>Hi all,</p><p></p><p>Just went through the very simple process of getting a PPP loan for my husband as he is the sole proprietor on our farm. </p><p>Our Ag lender called us and asked him to fill out the 1st Round PPP document, using Line 9 from our schedule F. </p><p>Under the Payroll line we took line 9 divided by 12 then multiplied by 2.5. I turned in the application this am and it was approved before an hour was up. </p><p>Our line 9 is small potatoes- so the catch- to speak of- 60% of your loan must go to payroll or operating expenditures. Not a big deal, we have a business account and a personal account, our lender advised us to write a personal check from the loan account to the personal account and call it an employee disbursement.</p></blockquote><p></p>
[QUOTE="calfmomma, post: 1667767, member: 40242"] Hi all, Just went through the very simple process of getting a PPP loan for my husband as he is the sole proprietor on our farm. Our Ag lender called us and asked him to fill out the 1st Round PPP document, using Line 9 from our schedule F. Under the Payroll line we took line 9 divided by 12 then multiplied by 2.5. I turned in the application this am and it was approved before an hour was up. Our line 9 is small potatoes- so the catch- to speak of- 60% of your loan must go to payroll or operating expenditures. Not a big deal, we have a business account and a personal account, our lender advised us to write a personal check from the loan account to the personal account and call it an employee disbursement. [/QUOTE]
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