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Paycheck Protection Program Application Deadline Nears

Farmers’ Legal Action Group is reminding farmers that the application deadline for the Paycheck Protection Program (PPP) is June 30, 2020. Recent changes to the rules may make the program more appealing to farmers. Under PPP, self-employed people, including farmers, can receive low-interest loans that may be forgiven if the farmer spends at least 60% of the loan money on payroll costs and meets other requirements. Even if the PPP loan is not forgiven, the loan terms are more favorable than the terms of many farm loans. However, to be eligible for PPP, a farmer must show a net farm profit on a 2019 IRS Form 1040 Schedule F.