In this episode, we share updates to the Paycheck Protection Program (P3) and Economic Injury Disaster Loan (EIDL) as of April 9th, 2020. You’ll hear clarifications about accounting for the seasonal pay of farm workers and considerations for reporting self-employment income to maximize your loan amout, as well as insights into what portion of federal payroll taxes can and cannot be included in your P3 loan request. We wrap up on a hopeful note regarding the possibility of increased funds to the P3 pot of money, and the potential for expanding EIDL eligibility to farmers (Update: Farmers/ranchers are eligible for EIDL as of April 24th, 2020).
For the most up-to-date information on these programs, watch the tutorials below:
- Economic Injury Disaster Loans for Farmers/Ranchers Affected by COVID-19 (4/29/2020)
- Paycheck Protection Program for Farmers/Ranchers Affected by COVID-19 (4/30/2020)
Disclaimer: We are working hard and fast to get information together about COVID-19 related programs to share with the farming community as quickly and accurately as possible. Please note that things are rapidly shifting during this time and what was accurate info 2 days or 2 weeks ago may not be accurate tomorrow. As such, please look for our most recent updated information on all COVID-19 issues. As always, the above communications are delivered for educational purposes only and do not constitute the rendering of legal advice.
“Easy Lemon” from Royalty Free by Kevin MacLeod. Released: 2012.