See the flowchart below to walk through whether you might qualify for PPP #1, an increase in PPP #1, or PPP#2. Loan applications are being accepted NOW – contact your banker immediately to start the process.
NOTE: According to the December 23 Tax Act (CARES update), PPP income is NOT taxable, but expenses paid with PPP dollars are fully deductible.
For more detailed information about the items in the flowchart, check out the Farm CPA Blog: Farm PPP Loan Flowchart.
We should all be staying safe and healthy at home – but if you have the itch to travel, try out the Drive & Listen website. You are just riding along in a car on city streets – but it’s very interesting. Terrific views and local radio in the background. Enjoy!