The Small Business Administration released more guidelines for the Paycheck Protection Program loans. The guidelines provide more information for sole proprietor businesses that don’t have employees. Sole proprietors can use net profits as payroll. “They want us to use the bottom line on your Schedule C, Schedule F or on your partnership return to determine if you qualify for the PPP program,” said Mark Giddings, CEO, Giddings and Associates. “If that bottom line on that schedule is a negative number, you don’t get anything under the PPP program for the self-employed individual.” If farmers want to apply for a PPP loan, Giddings said they should apply now. “When the money runs out, the money runs out. I anticipate by the end of this week we’ll be out of money unless Congress appropriates more.” Read the interim final rule.
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