Latest update on Payroll Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) and opportunities for farms from: Elizabeth Higgins, Nicole Tommell, and Myron Thurston all from Cornell Cooperative Extension.
For PPP, this update covers funds available, controversy over the requirement for 75% of the forgivable portion to go to payroll, and the recent SBA change allowing seasonal businesses to use any consecutive 12- week period between May 1, 2019 and September 15, 2019 for determining its maximum loan amount – which may make the program more useful for seasonal farms. It also touches on the recent IRS guidance about taxability and deductibility of PPP loan expenses.
For EIDL, this update goes into more detail on the program, covers the reduction in EIDL cap to $150,000, and covers the fact that EIDL Advance will reduce PPP loan forgiveness.
Use this link (https://bit.ly/3fHwjzG) to read the latest update.