Sign-up is open for the Paycheck Protection Program. MinnStar Bank Farm Management Analyst Kent Thiesse says if farmers did not qualify for the first round, the program may be worth revisiting. “Now, farmers can use line nine on the Schedule F, gross income, to potentially qualify.” Thiesse says if farmers applied for a loan in the first program, received it and were forgiven, those farmers cannot reapply for the first round of the program. Farmers may be eligible for the second round of PPP loans. “Farmers can apply for round two, but they must demonstrate they had at least a 25 percent reduction in receipts or gross income for one quarter in 2020, compared to the same quarter in 2019.” PPP loans are being administered through local ag lenders and the application deadline is March 31.
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