The Payroll Protection Program May Surprise You

— Written By
en Español / em Português
Español

El inglés es el idioma de control de esta página. En la medida en que haya algún conflicto entre la traducción al inglés y la traducción, el inglés prevalece.

Al hacer clic en el enlace de traducción se activa un servicio de traducción gratuito para convertir la página al español. Al igual que con cualquier traducción por Internet, la conversión no es sensible al contexto y puede que no traduzca el texto en su significado original. NC State Extension no garantiza la exactitud del texto traducido. Por favor, tenga en cuenta que algunas aplicaciones y/o servicios pueden no funcionar como se espera cuando se traducen.


Português

Inglês é o idioma de controle desta página. Na medida que haja algum conflito entre o texto original em Inglês e a tradução, o Inglês prevalece.

Ao clicar no link de tradução, um serviço gratuito de tradução será ativado para converter a página para o Português. Como em qualquer tradução pela internet, a conversão não é sensivel ao contexto e pode não ocorrer a tradução para o significado orginal. O serviço de Extensão da Carolina do Norte (NC State Extension) não garante a exatidão do texto traduzido. Por favor, observe que algumas funções ou serviços podem não funcionar como esperado após a tradução.


English

English is the controlling language of this page. To the extent there is any conflict between the English text and the translation, English controls.

Clicking on the translation link activates a free translation service to convert the page to Spanish. As with any Internet translation, the conversion is not context-sensitive and may not translate the text to its original meaning. NC State Extension does not guarantee the accuracy of the translated text. Please note that some applications and/or services may not function as expected when translated.

Collapse ▲

By now, I hope that all producers in Stokes County are aware of the Coronavirus Food Assistance Program (CFAP) and the impact it has on livestock producers. Most will have also heard of the Payroll Protection Program (PPP); however, many are unaware that you are eligible. If you file a schedule F with your taxes, you ARE eligible for the PPP, even if you are your only employee (i.e. self-employed).

Livestock and Forage Crop Agent Kendra Phipps is working with Elizabeth Hash, contact for the Payroll Protection Program at Skyline National Bank, to help eligible producers learn more about this program. Elizabeth provided the following information on the PPP:

  • The Paycheck Protection Program allows entities to apply for low-interest private loans to pay for their payroll and certain other costs. The amount of a PPP loan is approximately equal to 2.5 times the applicant’s average monthly payroll costs. For farmers, their loan amount is calculated by taking their Gross Income (Line 9 of their Schedule F), dividing by 12, then multiplying by 2.5. The loan proceeds may be used to cover payroll costs, rent, interest, and utilities. The loan will be forgiven if the business keeps its employee counts and employee wages stable. It is important to remember that although you may not have W-2 receiving employees, you are considered an employee on your operation.

For more information on how to apply for the payroll protection program, please contact Kendra at 336-593-8179 or Elizabeth Hash at 276-773-2811. You can also visit Skyline National Bank’s website, or your local bank.