Current PPP Information
PPP Loan Information for Farmers using a Schedule F for their tax return FIRST DRAW
The SBA has released changes to how Farmers can apply for PPP funds. Farmers using a Schedule F can apply using their Gross Income number on line 9 of your 2019 or 2020 Schedule F.
The calculation for a first draw of PPP funding is Line 9 of your Schedule F, divide that number by 12. Then multiply by 2.5.
Line 9 Gross Income $48,000
Divide by 12 $ 4,000
Multiply by 2.5 $10,000 Maximum amount of PPP funding for this example
**The maximum PPP funding amount a farmer can receive using a Schedule F is $20,833.33, with no hired hands. If there are employees paid with W2 wages, additional funds are available. Contact your account officer.