Legislation extending the Paycheck Protection Program signup deadline to the end of May is awaiting President Biden’s signature. There were early misconceptions about who qualifies for PPP, but that has changed. First State Bank Market President Tom Capouch says there is renewed interest in the program. “For sole proprietors, look at your Schedule F and use Line 9 which is gross income versus net profit and that was a game-changer for a lot of folks.” According to national figures, less than five percent of farmers and agribusinesses signed up for PPP this past year. Capouch, who is based at Mayville, North Dakota, says more farmers now qualify. “When they moved it from net profit to gross income, it made a lot more folks eligible.” PPP funds can be used for payroll costs, land rent and utilities.
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