Agricultural Business Management News

by Megan Roberts, Extension educator Please note this was published on March 30, and is no longer up-to-date information.  Over the last week, several COVID-19 federal financial relief programs announced changes and updates. First, Congress extended the deadline for qualifying small business owners to apply for the  Small Business Administration's (SBA) Paycheck Protection Program (PPP) . Congress moved the application deadline from March 31 to May 31. Additionally, lenders now have an additional 30 days until June 30 for application processing. The president signed  The  PPP Extension Act of 2021  into law on March 30. Due to the extension being signed into law in such close proximity to the prior deadline, it is expected that gaps in local lenders servicing applications may occur. Approximately $73 billion in PPP funding remains unspent, according to  most recent SBA data . Next, the United States Department of Agriculture (USDA) announced its latest iteration of the Coronavirus 

By C. Robert Holcomb, E.A., Extension Educator On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. IRS will provide additional guidance in the coming days. Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until October 15 by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov . Filing Form 4868 gives taxpayers until October 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17, 2021, to avoid interest and penalties. This relief does not apply to estimated tax p

by Megan Roberts, Extension educator Congress passed its latest (and possibly last) major COVID-19 relief package on Wednesday, March 10.  H.R. 1319, also known as the American Rescue Plan Act ,  was signed into law by the president on Thursday, March 11.  This law comes nearly a year to the day after the first COVID-19 stay-at-home orders began and a year after Congress passed its first major COVID-19 relief law on March 6, 2020.  Although not a comprehensive summary of the $1.9 trillion legislative package, this blog post does highlight several sections of potential interest to farmers, other small business owners, and agricultural professionals. Title I of the law focuses on funding for the United States Department of Agriculture (USDA) and is separated into two subtitles: agriculture and nutrition. Title V involves modification of small business relief programs, including minor changes to the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), and Targeted EID

 by Amber Roberts, Extension Educator In 1862 Abraham Lincoln first used the term the people's department to describe USDA; this is just as true today. The 2018 farm bill established a beginning farmer and rancher program. In this recorded webinar, four different USDA agencies share the programs and resources they have available for beginning farmers.  If you are looking to identify your local service center to discuss these beginning farmer programs, visit farmers.gov . Service centers through USDA remain open but are limited in their ability to provide in-person activity. The best way to get in contact is to start with a phone call or an email to your local service center. Newfarmers.usda.gov can also help you in identifying the USDA resources that match your farming needs.  Featured Speakers:        00:00    Farm Service Agency (FSA) with Daniel Mahoney      07:03     Farm Service Agency Loans (FSA) with Brian Hartman      13:11     Risk Management Agency (RMA) with Brain Fried