PPP #1 and #2
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.
January 23, 2021 11:25 am | Education and Issues and Resources
