PPP loan and schedule F

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Bigfoot

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What in the world is a PPP loan, I know what a schedule F is. How much easy government money can be gotten? Somebody here knows.

PS>>>>>>I won't qualify, but somebody might.
 
The way I understand it a PPP loan is a Covid loan to help cover wages of employees. $20,000 for a year @ 1% interest. You have to have your banker fill out the paper work.
 
PPP is the Payroll Protection Loan. It was available in the Spring to make sure small employers could keep people employed. It can be forgiven if you prove you used it to pay your employees ( with no layoffs) during the shutdowns.

The intent was to keep the economy moving.

Edit: The amount of the loan could be 2.5x your average monthly payroll.
As it worked out a lot of abuse occurred because of poor management and oversite. The second round has a lot more checks. ect.
 
General information. PPP round 1 was part of the original covid stimulus/relief last year. Paycheck Protection Program was a low interest loan (very low) for businesses at an amount up to 2.5 times your monthly payroll. Administered by the SBA. If you maintained your payroll (employees) through an 8 week segment of the pandemic (instead of laying employees off), then the loan is forgiven - free money that you don't have to pay back. Lots of paperwork required , but you got your payroll paid by the US debt for 8 weeks as well as a little more for utilities and rent. Theory was to keep people on their jobs (even if there was no work) and keep them off unemployment benefits.
There is now a round two in the new 2021 stimulus program. New round is only for companies that have had a 25% decrease in revenue in at least one quarter. Round 2 also allows you to spend money on property damage due to protests.
 
General information. PPP round 1 was part of the original covid stimulus/relief last year. Paycheck Protection Program was a low interest loan (very low) for businesses at an amount up to 2.5 times your monthly payroll. Administered by the SBA. If you maintained your payroll (employees) through an 8 week segment of the pandemic (instead of laying employees off), then the loan is forgiven - free money that you don't have to pay back. Lots of paperwork required , but you got your payroll paid by the US debt for 8 weeks as well as a little more for utilities and rent. Theory was to keep people on their jobs (even if there was no work) and keep them off unemployment benefits.
There is now a round two in the new 2021 stimulus program. New round is only for companies that have had a 25% decrease in revenue in at least one quarter. Round 2 also allows you to spend money on property damage due to protests.
Spot on I looked and dont qualify
 
Schedule F PPP deadline is March 31.
Your loan is determined by using your gross income from 2019 or 2020 tax return divided by 12 x 2.5
My understanding is this is for sole proprietor operations/no employees.
The loan is forgiven if at least 60% is used to pay yourself over an 8-24 week period as well as other qualifying expenses.
If not forgiven, it's at 1% over 5 years.
 
Is this the same?

A provision estimated at $4 billion or so in aid to "socially disadvantaged" farmers is also part of the overall package. The aid would pay off FSA direct and guaranteed loans for farmers in socially disadvantaged groups — defined as Black or African American, American Indians or Native Alaskans, Hispanics, Asians and Native Hawaiians or Pacific Islanders.
 
Is this the same?

A provision estimated at $4 billion or so in aid to "socially disadvantaged" farmers is also part of the overall package. The aid would pay off FSA direct and guaranteed loans for farmers in socially disadvantaged groups — defined as Black or African American, American Indians or Native Alaskans, Hispanics, Asians and Native Hawaiians or Pacific Islanders.
I'm going to say no. This is covid relief pork or fluff of a different kind. Seems racist.
 
Is this the same?

A provision estimated at $4 billion or so in aid to "socially disadvantaged" farmers is also part of the overall package. The aid would pay off FSA direct and guaranteed loans for farmers in socially disadvantaged groups — defined as Black or African American, American Indians or Native Alaskans, Hispanics, Asians and Native Hawaiians or Pacific Islanders.
Sounds good. Time to get my daughter involved in farming instead of college!
 
Sounds good. Time to get my daughter involved in farming instead of college!

It's always a good time to make a living off the land. Wish my son had followed us instead of the useless time spent in college. May be something to help with the link I posted here. Do some searching, may pay of in a big way. Land is a good investment in the long term. Like many have said in the past. "Buy land, they ain't making any more of it"
 
It has been explained to me by several that have done it is simply take in your schedule F and they take your sales divide by 12 then multiply by 2.5 and you get a check for that amount. There is a cap on amount and that is Sole Proprietor not LLC or Corp. All that file qualify. Most banks are doing the forms as far as I know.
 
Did anyone so it? I didn't realize I could have without employees. Guess is missed out.
 
I wouldn't be so worried about missing out. I chose not to get involved.

The less dealing I have with the government and my farm the better off I am. When you take money from them you open the door for them to stick their nose in your business.
They are tracking that money and Biden has already made plans to vastly expand the IRS.

I believe there will be a lot of people who regret taking that free money. You can see a list of who received the funds. If you click on their name you can also see that the government is tracking the using of the funds.

I will not even apply for the tobacco buyout cost share money. I know a man who did it for fencing and ended up getting a couple thousand dollars. His property tax also almost tripled when they reassessed the value of his farm when they came to look at what he had done.

After seeing a lot of the names of those who received PPP loans in my area I'm sure most would not wanna be under oath trying to defend the numbers they put on that piece of paper.
 
S
I wouldn't be so worried about missing out. I chose not to get involved.

The less dealing I have with the government and my farm the better off I am. When you take money from them you open the door for them to stick their nose in your business.
They are tracking that money and Biden has already made plans to vastly expand the IRS.

I believe there will be a lot of people who regret taking that free money. You can see a list of who received the funds. If you click on their name you can also see that the government is tracking the using of the funds.

I will not even apply for the tobacco buyout cost share money. I know a man who did it for fencing and ended up getting a couple thousand dollars. His property tax also almost tripled when they reassessed the value of his farm when they came to look at what he had done.

After seeing a lot of the names of those who received PPP loans in my area I'm sure most would not wanna be under oath trying to defend the numbers they put on that piece of paper.
ame down here and some stand around boldly bragging about it.
 

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