PPP Loans Reopen With Benefits for Self-Employed Farmers

With the latest Pandemic Relief Bill, signed into law on Dec. 27, 2020, sole-proprietor farmers gained an opportunity to participate or revise an existing loan in the Small Business Administration's (SBA) Paycheck Protection Program (PPP).

This article will primarily focus on a program change that affects the self-employed earnings portion of the PPP loan calculation, opening an opportunity for many farmers without payroll costs on their 2019 Schedule F, and/or did not have a profit on their 2019 Schedule F. Farmers can now look at their gross farm income on their Schedule F (line 9) up to $10...