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Recent Insights
USDA Announces Coronavirus Food Assistance Program
Reading Time: 4 minutes(Washington, D.C., April 17, 2020) – U.S. Secretary of Agriculture Sonny Perdue today announced the Coronavirus Food Assistance Program (CFAP). This new U.S. Department of Agriculture (USDA) program will take several actions to assist farmers, ranchers, and consumers in response to the COVID-19 national emergency. President Trump directed USDA to …
CARES Act: Ag Businesses Should Prepare to Apply for EIDL Funding
Reading Time: 2 minutesSpecial note: K·Coe Isom is working to convince SBA to open this program to agricultural businesses. We have joined forces with 30 agriculture organizations and sent a letter to the head of the SBA demanding that agriculture businesses be able to participate in this program. K·Coe Isom’s government affairs team …
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New: Main Street Lending Program Available for Businesses up to 10,000 employees
Reading Time: 2 minutesApril 17, 2020 Main Street Lending Program Update: The Federal Reserve has released a report following the open period for public comments. The report confirms that the Main Street Lending program is available for employers with up to 10,000 employees, including those with less than 500 employees (even if they …
Read moreNew: Main Street Lending Program Available for Businesses up to 10,000 employees
CARES Act: Employee Retention Tax Credit is Available
Reading Time: 2 minutesWith all of the coverage and focus on the Paycheck Protection Program (PPP) loans, many businesses are unaware of the Employee Retention Tax Credit (ERTC) that is available under the CARES Act. The ERTC was set up to help businesses retain employees. There is a small catch, however: a business …
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CARES Act Update: IRS Allows Amendments for Eligible Partnerships
Reading Time: 2 minutesOn April 8, 2020, the IRS issued welcomed guidance regarding the CARES Act Update in Revenue Procedure 2020-23, allowing “eligible partnerships” to file amended returns for taxable years beginning in 2018 and 2019. Without this guidance, eligible partnerships must utilize the Administrative Adjustment Requests (AARs) procedures. Generally, utilizing the AAR …
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PPP Loans Update: Most Ag Businesses Can Apply
Reading Time: 2 minutesAs part of the CARES Act stimulus package, Congress established the Paycheck Protection Program (PPP) to provide forgivable loans to small businesses, non-profits, sole proprietors and self-employed individuals. Congress added this program onto the existing Small Business Administration 7(a) loan program. This created some measure of confusion for agricultural businesses …
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