News from Agview January 29, 2021

News from Agview January 29, 2021

In agricultural news from AgView dot net The most recent stimulus package passed by Congress reauthorized the Paycheck Protection Program (PPP) so remaining funds from last year could be used, and new funds were provided for a new round for those who can document deep losses in 2020 as well. Enrollment is now opening up. ..For the remaining funds ($140 billion) from the first round of the program, modifications were included to better assist smaller farmers and ranchers with few or no additional employees who file a schedule F for tax purposes. In the past, farmers and ranchers were required to use net profit, line 34, on the schedule F to determine payroll for an operation with a no employee payroll. This has now been changed to allow farmers to use gross income, line 9, instead for
their personal payroll for the purposes of self-employment. If a producer’s gross income is higher than $100,000, the producer will be limited to $100,000 to calculate salary, which effectively means one may
qualify for a PPP loan of up to $20,833.

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