Are you a Farmer or a Rancher? Have you received your PPP funds yet? If you haven’t, then listen up!
The Paychex Protection Program (PPP) allows Farmers & Ranchers to obtain Paycheck Protection funds using their 2019 or 2020 Gross Receipts, not net income.
It says right on the application “For farmers and ranchers that operate as a sole proprietorship or as an independent contractor, or who are eligible self-employed individuals and report farm income or expenses on a Schedule F (or any equivalent successor IRS form), payroll costs are computed using eligible payroll costs for employees, if any, plus the lesser of $100,000 and the difference between gross income and any eligible payroll costs for employees, as reported on a Schedule F. “.
If you have not already requested PPP funds, we suggest that you contact your banker and tax professional to discuss your eligibility as soon as possible!
In order to reach the smallest businesses, SBA will offer PPP loans to businesses with 20 or less employees, and sole proprietors, only from Wednesday, February 24, 2021 through Wednesday, March 10, 2021.
It's Time to Assess Your Team
Now may be a good time to assess your professional team that surrounds you. Have they told you about the Paycheck Protection Program? Are they willing to jump in the trenches and help you until you get the money needed to survive? This could be your banker, tax professional, business advisor, attorney, etc. You finally NEED them and they NEED to step up.
If you have any questions, or need assistance, please give us a call at 248-934-0550 or contact us below.
We’d be glad to help!