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Don't qualify because we had a loss last year. Couldn't combine 1/3 of our crops. Then the genius government come up with a new program where you can get paid on the inventory you have. Wonder if they will let me count the crop still out in the field. My luck they will give the information to RMA and I would have to pay them back. I just wish our government would sit down with the farmers and...
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Does anyone have updates on this given that it has been 2 months? mainly; as a sole proprietor can I apply and use "family living" payments I made to myself last year as evidence of payroll/salary? My profit loss from farming form on the IRS Shows very little farm income so I can't just use the formula for taking the profit dividing by 12 for the 12 months of the year and multiple by XXXX for th...
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Yes. Have applied for and received loan. Helps keep two employees paid. My pay is not a factor since I take a draw and not a guaranteed payment.
I am sole owner of farm pay my daughter-in - law for spring and fall work do I qualify
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Maybe, check with the bank or Farm Credit. All the loans are processed through your lending institution. If she's W2 than almost definitely. If paid differently it helps to have it listed in the accounting books for 2019 (Quickbooks, PCDart, etc.) as paid employee.
When I looked at the program on the website, one of the questions was if you were a farmer. There were like five questions that would disqualify you and being a farmer was one. Am I wrong?
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(edited)
Farming is disqualified from the EIDL grant but not the PPP loan.
One program disqualifies production Ag. You are eligible for payroll protection.
That was changed
I tried, but my banker told me I didn't qualify. No employees, basic setup, pay myself but nothing formal.
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Try a Farm Credit. I think they will let you run it.
It’s based on the 2019 year, as well as 2 differing periods in the 2019 year...
Does anyone know how to claim self employment income? I know it is capped at $100k annual income, but how do you claim forgiveness? Do you need to take a draw for yourself during that 8 week period? Do you apply as sole proprietor or self employed? Many questions, few answers.
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That’s how we feel. Details are sparse and we figure the government is going to come out too late with them, like when it’s time to pay back the loan. We are leery that we won’t qualify for forgiveness. Last thing we need is another loan to pay.
We are being told if you have H2A workers you can’t use the income on the loan?? Does anyone know anything about this ??
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no H2A
Employees must be US citizens to qualify.
I took over my in-laws family farm in January this year. Established an LLC to operate under, and have one other full time employee. I have paystubs and W2’s for him, but just payroll checks for myself since I am a part owner in the llc. I turned in the paperwork and evidence Friday morning and got approved the same day.
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We are doing it. Sending paperwork in tomorrow
I am a loan officer in western Kansas and we are accepting the PPP loans for farmers regardless of number of employees. The farmers are using the sole proprietor status and the calculation of adjusted gross income plus health insurance paid from 2019 divided by 12 to get average monthly “payroll” then taking that times 2.5 to get the loan amount
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Do you know if anyone in Ag has received payment yet?
It's based on payroll, not income
What if I had a loss last year
No you cannot. The lease expenses apply to the small business loan, which is different than the payroll loan. Ag not allowed to participate in the small business loan program...
Do you think we can use cash rent? We paid a lot of cash rent March 1st. Can I use those figures?
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Why wouldn't you? farmers have been hit hard. The payroll portion will be forgiven. You will help your banker by stimulating his economy. I don't see a local downside. Might even use some of the money to build in a loyalty bonus for your employees. And yes I am going to take the $1200 stimulus check as well.
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No
As of now we have no information on any farm program payments, if there will be any. But do you have any concern that it will affect your eligibility for any farm programs?
We have submitted our application and are waiting on approval. If you have employees and or pay yourself by W2, it is something you should really consider.
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Totally agree. I have advised some of my tax clients to apply.
We are. The bank sent us the paperwork but said it was really backed up. We are dairy.
U talking about the one with *** ?
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yes